Do I have to pay?

Date: Wed, 01/19/2011 - 11:52

Submitted by okterrific23
on Wed, 01/19/2011 - 11:52

Posts: 19 Credits: [Donate]

Total Replies: 2

So about a year ago, I did a short sale on a home(NJ) to avoid foreclosure etc. Had a second mortgage from Bank of America on the home (home equity) for about $24,000. BOA got about $5,000 from the sale and I thought that was it. But then they start calling me and mailing me letters saying I owe the remainder of the balance for 19k. Now I ask them to mail me a copy of the promissory note, which they claimed I signed. But when I received the copy, it was NOT my signature. Someone else, likely the broker/agent who submitted the short sale. So since I was not aware that I had to pay the rest of the loan and since I did not sign the document, am I still responsible? I called BOA a few weeks ago telling them of fraud, but they made it seem that the loan must be still paid. I don't know, its just confusing plus now these days they can't go after the balance with the new law. So I wonder if they can just write if off and forget it. Oh I live in New Jersey if that helps. Thanks.

The $5000 was likely just for the release of the lien so title c

The $5000 was likely just for the release of the lien so title could be transferred. Your signature issue may be something you can litigate. But the original HELOC note is what is going to matter. BOA is settling around 25% of balance and that is likely where you will end up if you want to avoid court. The possibility of fraud in your short sale documents is a separate issue from the note which was not repaid. Good Luck with your heloc.

lrhall41

Submitted by dantheman on Wed, 01/19/2011 - 12:38

( Posts: 860 | Credits: )

Yes the 5k and change was to release the lien. I was not aware t

Yes the 5k and change was to release the lien. I was not aware that I would be responsible for the balance. You figure it's a short sale so the bank(s) are not going to get all their money back. Maybe would have been better off to just let the house foreclose so that nobody gets anything, especially BOA. The first mortgage Chase Bank didn't get all their money back, so I don't know why BOA thinks it should. When I called BOA they would tell me that I had to pay because I promised to pay because I signed the note before the closing on the short sale. I didn't sign it, and also the note was not notarized, it was faxed I think.

lrhall41

Submitted by okterrific23 on Wed, 01/19/2011 - 20:47

( Posts: 19 | Credits: )