Loans, Debt & Credit - View Single Post - Dealing with Banks Recovery Departmet After Short sale

Enough Already · 10-07-2009, 08:01 AM

Giacona,

I'm no expert, but if it were me I'd ignore them, and I definitely would not give them any info! They would have to spend money to get a judgment against you, and they're not too likely to do that. They're just fishing to see what they can catch.

The banks can't afford to sue everyone who owes them money, especially when most people are broke. It would be a lose lose situation them. The banks are already taking loses on short sales and foreclosures - they can't afford to throw more money at collections.

If the debt has been sold to a collections company they most likely paid only pennies on the dollar for it, and it wouldn't be worth the expense for them to sue you either.

Good luck and please keep us posted.

10-07-2009, 08:01 AM	#2 (permalink)
Enough Already Senior Member Join Date: Jan 2009 Location: FL Posts: 526 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Dealing with Banks Recovery Departmet After Short sale Giacona, I'm no expert, but if it were me I'd ignore them, and I definitely would not give them any info! They would have to spend money to get a judgment against you, and they're not too likely to do that. They're just fishing to see what they can catch. The banks can't afford to sue everyone who owes them money, especially when most people are broke. It would be a lose lose situation them. The banks are already taking loses on short sales and foreclosures - they can't afford to throw more money at collections. If the debt has been sold to a collections company they most likely paid only pennies on the dollar for it, and it wouldn't be worth the expense for them to sue you either. Good luck and please keep us posted.