I live in Tennessee and I had a Rental Property that was Foreclosed on in 2008. Wells Fargo held the original Mortgage and sold the property for less that the amount that I owned. I received a 1099-A and thought I was done with my Rental Nightmares!
I recently recieved a letter from a out of town Collection Agency stating that I owed 19K!!
I do not have the means to pay this debt, that’s why I loss the Property!
I know my credit is ruined but what else can they do to me! “You can’t squeeze blood from a turnip”…or can you???
Thanks for your advise
Scott
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Hello Scott,
A deficiency judgment is obtainable in Tennessee. If it were me, I would start by answering the letter with a request for validation.
Read: Post-Foreclosure Collection Continues
Thanks for the questions and hope this helps.
Paul
This author is not an attorney and this information should not be considered legal advice. Please consult an attorney for legal advice.
