Georgia  |  Credit and Debt Law

Legal Question

Asked on: 8/05/13, 5:11 pm

My home was foreclosed on last year. The total outstanding debt at the time of the foreclosure was $300K (including principal, interest, fees, taxes, etc).

The bank sold my property to itself on the court room steps the day of the foreclosure for $100K. It later confirmed the sale with a very low appraisal which the judge accepted in spite of my attorney providing a much higher appraisal .

Three months later, the bank subsequently sold the property for $275K.

I recently received a letter from a debt collector representing the bank. Per the letter, the bank (via the collection agency) is attempting collect $200K. The letter sited the foreclosed loan balance of $300K and the confirmed sale amount of $100K.

In reality, the bank sold the foreclosed property for $275K. Can they really sue for 200K?

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