Taking over other assets in another state
Date: Tue, 03/22/2011 - 14:48
Hi,
First of all, I want to thank everyone for providing help and insight. Many of us lack the knowledge and experience in dealing with these issues.
I've read most of the posts here and found information relevant to my situation but everyone's situation is slightly different. Here is how mine goes:
As of 2008, I had 2 properties: one in California and another in NV. In 2008, I had to sell the property in NV via the short sale process. However, Bank of America, the lender, did not approve the short sale unless I agree to pay $20,000 over the next 8 years with no interest. I took the offer because they mentioned they might come after the equity in my CA property for the remaining balance, which would have been more than $20,000. NV property was my primary residence and CA property is an investment property, which is not generating any income. I am still a NV resident. Long story short, BofA sold the promissory note to a collection agency right after the short sale and I've been making regular payments for the last 2 years. However, I am unable to make any payments anymore. If I cannot settle an amount I can afford with the collection agency, if they sue, can they go after the property in CA?
Thank you in advance for all your help!
First of all, I want to thank everyone for providing help and insight. Many of us lack the knowledge and experience in dealing with these issues.
I've read most of the posts here and found information relevant to my situation but everyone's situation is slightly different. Here is how mine goes:
As of 2008, I had 2 properties: one in California and another in NV. In 2008, I had to sell the property in NV via the short sale process. However, Bank of America, the lender, did not approve the short sale unless I agree to pay $20,000 over the next 8 years with no interest. I took the offer because they mentioned they might come after the equity in my CA property for the remaining balance, which would have been more than $20,000. NV property was my primary residence and CA property is an investment property, which is not generating any income. I am still a NV resident. Long story short, BofA sold the promissory note to a collection agency right after the short sale and I've been making regular payments for the last 2 years. However, I am unable to make any payments anymore. If I cannot settle an amount I can afford with the collection agency, if they sue, can they go after the property in CA?
Thank you in advance for all your help!
Yes, the collection agency can impose a lien on the property aft
Yes, the collection agency can impose a lien on the property after wining the case in the court.
