Civil Court - CD - CONTRACT & DEBT

[tknj99]

Hi All,
I have a rental property that sold back to bank on 4/1/10. Along with this there has been an associated civil case by the second loan holder thats still pending.
The type listed in the court records is: CD - CONTRACT & DEBT

I started worrying - do u think that this is the type of lawsuit where they're going after me personally for a judgement or would this just be part of the foreclosure process for an equity loan?
Im in Florida. thx

[HHM]

If I recall, FL is a judicial foreclosure state and allows deficiency judgments.

So, yes, the 2nd lien holder is trying to get a judgment against you personally.

[tknj99]

Thanks... both 1st and 2nd loan were with Wells Fargo and the second loan civil case showed up 5 months after the first loan case.. so i guess they knew that the second loan would be a complete loss...

[Tom_Mi]

Tkn, I feel for you.

I was worried this would happen and filed Ch7 pre-emptively. I had plenty of people telling me (even here) that no bank would ever go after a deficiency...but I didn't believe them.


But do you have an attorney? After I filed, I started running into lawyer friends who were having success negotiating this stuff away. If they see you're willing to hire a lawyer to threaten bankruptcy, they might be willing to get realistic about negotiating a settlement out of court.