Legal Question in Real Estate Law in Illinois

collection attempts on second after short sale

A buyer offered 305,000 to stop a sheriffs sale(BPO quote from the bank)wamu went under/freddie mac went under/negotiator assigned quit. New negotiator took his old workload and took another 2 months after that to offer property 40,000less!!! sale was closed at 265,000. Second also w wamu.a collection call comes daily for the balance of 46000. they will ''settle'' for 27000. My question is if they are on file as asking for less then the sept offer, why come after me? it was a cash sale and wamu lowered his purchase from 305.000 to 265.000. It's insane

Asked on 5/21/09, 6:52 pm

2 Answers from Attorneys

Burton Padove Indiana and Illinois Lawyer, Burton A. Padove

Re: collection attempts on second after short sale

You signed the mortgage notes, that is why they are coming after you. You didn't say who was coming after you since WAMU went under. I am sure that you are leaving some pertinent details out, like whether the negotiator knew about the second mortgage, etc. You might want to post a more thorough fact situation here or hire an attorney. Good luck.

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Answered on 5/22/09, 11:13 pm

Walter Palmer Law Office of Walter Palmer

Re: collection attempts on second after short sale

Your question is a bit vague. The codes may have meaning for you, but I do not understand some of them 'BPO' for example. The lender is trying to get money ad they really don't care who they get it from. They probably think you can put pressure on the buyer for them.

You need to see an attorney in your zip code.

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Answered on 5/22/09, 8:06 am

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