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In this case, the asset was worth more than the debt, (although that is not usually the case). Next comes a formal (including being served by the sheriff) judicial proceeding where the judge decides who is right. The judge issues a decision, usually in behalf of the lender, and this is called a DEFAULT JUDGEMENT. It has now been determined that the borrower small payday loan is behind by a certain amount, and the lender now has legal right to sell the asset to offset the amount of the default. The default judgement does not establish a net amount or any amount owed to the lender, it only gives them the right to continue the process of settling their debt. AFTER THE ASSET IS SOLD then a final accounting of who owes what can happen. There has been no determination by anyone prior to this point as to who owes whom what. At this point I do not owe them a debt as you suggest. At some future time, the lender , if they want to, can proceed back to court a second time for a DEFICIENCY judgement if they want to spend the time and money to do so.

If they do not do that, then no further contractual or legal obligation between the lender and borrower exists. Regarding the 1099c, again, if no debt has been established by a court or other statutory authority, then there is no debt to forgive, therefore no tax to be paid. And lastly, anytime a person has been damaged, they can ask the court to correct the situation, In Pa.

Whatever label you put on it, it is wrong, and sooner or later it will come out. Elsewhere on this board, someone stated that SRG is an aboveboard collection agency, if I get a minute, I will try to trace that back and comment on that as well, because they are not Perfect timing, because I just got a letter from Clearspring (to whom our debt has apparently been sold again, because the last few letters came from them and NOT Strategic Recovery Group) the other day saying they are now instruct their collection attorney to come after us. You will need to go back in your paperwork and find out which kind of mortgage you had. I am going to try to find the website that describes what happens after foreclosure, but I think Michigen is a recourse state, meaning that they can come after you, but must do so in a legally prescribed fashion. What Clearspring, SRG, Vantium, and Fannie Mae are doing should be collection fraud in Pa.


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Read my above post replying to Jeffrey explaining what I am pretty sure is the proper proceedure in recourse states. The only variable would be the time limit established by statute. I will try to find out what that is in Michigan for you.

Since 2007, the LoanSafe forums have helped millions of homeowners over the last 13 years either save their homes with a loan modification, obtain a short sale, forbearance, or walk away legally from their underwater mortgages. You will need to go back in your paperwork and find out which kind of mortgage you had.

I am going to try to find the website that describes what happens after foreclosure, but I think Michigen is a recourse state, meaning that they can come after you, but must do so in a legally prescribed fashion. What Clearspring, SRG, Vantium, and Fannie Mae are doing should be collection fraud in Pa. Read my above post replying to Jeffrey explaining what I am pretty sure is the proper proceedure in recourse states. The only variable would be the time limit established by statute. I will try to find out what that is in Michigan for you. Scroll down to Michigan, looks like they can proceed with chasing money, but will need to look further to establish how that is done, again, in Pa. After reading your link, I am wondering how I find out if my foreclosure was judicial or non-judicial? Thanks very much for the info- it is greatly appreciated.

Also suggest searching to find the difference between a judicial and non-judicial foreclosure I am probably in over my head, but let me ask one more question, when you had the foreclosure last year did you get formal notices for a court hearing given to you certified mail or by a sheriff or constable? That would determine which kind of foreclosure you had. There might even be an online form where you could open a file if they are acting illegally.

So the question gets narrowed down,which is important, since there are so many variables from state to state. In Michigan, does it require a separate action after the auction in a non-judicial foreclosure to determine any additional amounts owed on the original debt, and if so, is there a time limit for the creditor to obtain such a judgement.

Would suggest calling some local foreclosure attorneys, or the state agency above, or possibly online loan services trying one of the online legal sites that answers questions for a small fee.


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Now you have an exact question (actually 2) to ask. Make sure the site has lawyers licensed in Michigan Thanks so much for the replies. I was doing some checking up on this Clearspring company, and they are not accredited with the BBB and people have left numerous complaints with them. Not sure if that means anything, but it does make me suspicious. Regarding the 1099c, again, if no debt has been established by a court or other statutory authority, then there is no debt to forgive, therefore no tax to be paid. I re-read the thread last nite before posting, including your responses to see if I had missed anything, or was misunderstanding anything. I think you are wrong on your conclusion because one block in your foundation is misplaced. However, how a contract is enforced varies from state to state. You are correct that the debt was owed, however, you are forgetting that the debt was secured by an asset. In this case, the asset was worth more than the debt, (although that is not usually the case).

Next comes a formal (including being served by the sheriff) judicial proceeding where the judge decides who is right.

The judge issues a decision, usually in behalf of the lender, and this is called a DEFAULT JUDGEMENT. It has now been determined that the borrower is behind by a certain amount, and the lender now has legal right to sell the asset to offset the amount online loan services of the default. The default judgement does not establish a net amount or any amount owed to the lender, it only gives them the right to continue cash loan usa the process of settling their debt.

AFTER THE ASSET IS SOLD then a final accounting of who owes what can happen. There has been no determination by anyone prior to this point as to who owes whom what. At this point I do not owe them a debt as you suggest. At some future time, the lender , if they want to, can proceed back to court a second time for a DEFICIENCY judgement if they want to spend the time and money to do so. If they do not do that, then no further contractual or legal obligation between the lender and borrower exists. Regarding the 1099c, again, if no debt has been established by a court or other statutory authority, then there is no debt to forgive, therefore no tax to be paid. And lastly, anytime a person has been damaged, they can ask the court to correct the situation, In Pa.

Whatever label you put on it, regions loans it is wrong, and sooner or later it will come out. Elsewhere on this board, someone stated that SRG is an aboveboard online loan services collection agency, if I get a minute, I will try to trace that back and comment on that as well, because they are not I am also PA resident. I would greatly appreciate if you can provide an update on your case. Since 2007, the LoanSafe forums have helped millions of homeowners over the last 13 years either save their homes with a loan modification, online loan services obtain a short sale, forbearance, or walk away legally from their underwater mortgages. You will need to go back in your paperwork and find out which kind of mortgage you had. I am going to try to find the website that describes what happens after foreclosure, but I think Michigen is a recourse state, meaning that they can come after you, but must do so in a legally prescribed fashion. What Clearspring, SRG, Vantium, and Fannie Mae are doing should be collection fraud in Pa. Read my above post replying to Jeffrey explaining what I am pretty sure is the proper proceedure in recourse states.

The only variable get a loan with bad credit would be the time limit established by statute. I will try to find out what that is in Michigan for you.

Scroll down to Michigan, looks like they can proceed with chasing money, but will need to look further to establish how that is done, again, in Pa. After reading your link, I am wondering how I find out if my foreclosure was judicial or online loan services non-judicial? Thanks very much for the info- it is greatly appreciated.

Also suggest searching to find the difference between a judicial and non-judicial foreclosure I am probably in over my head, but let me ask one more question, when you had the foreclosure last year did you get formal notices for a court hearing given to you certified mail or by a sheriff or constable?