Q: I defaulted on my mortgage in 2010. Today I was served papers that I was being sued for foreclosure on that property.
I was under the impression that this property was already foreclosed and was not on my credit report any longer. What is my liability if I don't have proof of foreclosure?
A:
There is records somewhere in some courthouse as to the prior foreclosure. No way to say what liability you may have without first reviewing the prior foreclosure case.
I suggest that you take the paperwork you were served to a lawyer in your area for a consult and have them look up the old case via the clerks docket to see if they can tell you what happened in that one. It is possible that the prior case got dismissed for some reason and the mortgage company is finally getting around to restarting the foreclosure.
Good luck and hope this helps.
A: Your liability is as if it was never foreclosed absent a prior case and auction; you are liable for the mortgage balance. Being on your credit is meaningless, credit reporting is optional not mandatory for creditors. You will need to retain a lawyer ASAP to defend and minimize your exposure as you only have 20 days from being served to respond.
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