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Years after Homeowners Default, Debt Collectors May Still Come Calling!
March 19th, 2010
I ran across an article in the Sacramento Bee on Wednesday entitled “Years After Homeowners Default, Collectors May Still Come After Them.” Needless to say, it caught my attention…and I wanted to bring it to yours.
It talks about the fact that many homeowners who are currently defaulting on their mortgages, may be surprised to learn that, years from now, they may still owe that money to someone…the debt collectors may come calling!
The article goes on to do an excellent job of explaining exactly how this can happen, and I won’t regurgitate the information here, but I would recommend that you read the article yourself.
Toward the end of the article is the following paragraph to which I’d like you to pay special attention: “In many short sales, experienced real estate agents or attorneys can negotiate away debt obligations for the second-lien loan. But many inexperienced borrowers don’t know that, and sign final-hour agreements giving lenders the right to pursue them later.”
Please, please, please don’t make the mistake of thinking you don’t have options! Call a real estate professional or an attorney who is specially trained in the area of short-sale negotiations so that you don’t find yourself among the many who will be receiving calls from debt collectors years from now…collecting on a debt that should have already been resolved! I hold both the CDPE and SFR designations…let me help.
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