Georgia  |  Real Estate Law

Legal Question

Asked on: 2/01/12, 9:09 pm

We had a townhouse that was foreclosed on a little over 1 year ago even after securing two separate buyers (one regular sale and one quick sale)who stayed in the process for an average of 6 months each. The bank prolonged the process each time that the buyers both dropped out. On top of that we found out this month that the bank was still hitting our credit each month for deliquient payments even though the property was foreclosed and sold about a year ago. Do we have a case against this particular bank?

1 Answer

Answered on: 2/02/12, 2:27 am by Scott Riddle

Unless the bank sold the property for enough to cover the loan and expenses you owed (which would be very rare), you owe them money. Obviously, that will show up on your credit report for many years to come and it is the bank who has a claim against you (if they followed procedures to confirm the sale) not vice versa. If the credit report is somehow incorrect in amount owed or other details, dispute it with the credit report. Otherwise, since you certainly know you still owe the money and the debt will be on your credit report, you need to tell us more details about what claim you think you may have.

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