I was just served (Sunday morning surprise) with papers that my sold out junior lender (Bosco Credit) is suing for 70k + interest + attorney fees. They send me one letter before, but I ignored it after reading this site. I refied and got no cash, just a lower rate -- which seems to have cut my throat vis-a-vis purchase money.
BOFA foreclosed on me after the 2nd lender spent 2.5 years blocking the short sale. I really have no cash to settle, bad credit and no family that will lend me money so I believe that I cannot negotiate a settlement (I am barely scrapping by and wife is unemployed).
I wonder if I should take my chances in court. My 2nd in not original 2nd. They went under and the new people got the loan. So, I wonder if the court is going to ruin my life to give this bottom feeder company astronomical profit (on 70k they paid $700-$1,500 from the typical way these things go). It seems unconscionable to give them that when they spent 2.5 negotiating in bad faith and the fact that I paid them for years and they surely already profitted (and have thus suffered no real loss or harm).
It also seems like I can go bankrupt if they win and have the judgement erased. Any ideas or advice? I will see a lawyer next week for sure, something I cannot afford at all.