Suit or Judgement filed

[jfb1060]

I walked away from a condo in CA and the property was finally sold to a 3rd party at auction (trustee sale) on 5/21/2012. I had 80/20 loans and never refinanced. The loans changed owners a few times but in the end Seterus owned the 1st and Real Time Resolutions owned the 2nd. From my research, I believe that both loans where non-recourse in CA. However, today I got an alert from Equifax that a suit or judgement had been filed by Seterus. Is this something I should worry about? Do I need a lawyer? Any and all advice is greatly appreciated. Thanks.

[OverandDone]

Do you know if the property sold for less than you owed on the Seterus loan?

[jfb1060]

Yes, I definitely believe it sold for less than what I owed. The seterus loan was ~230K and I'm sure it sold for less than 100K. The opening bid was 45K and comps in the area are 60-70K.

[OverandDone]

I am puzzled like you since CA is a non recourse state.

[Cat Damiano]

Hi jfb1060,


You should definitely consult with an attorney on this so that they can look over your original loan documents and let you know if Seterus is in the wrong.

You can search for a reputable one here;

National Association of Consumer Advocates | Consumer Protection Advocates and Attorneys - Help for Consumers

[Jeffrey L. Shurtliff]

Contact Sertus and ask them who their attorney is and contact the attorney and tell them where you are and you want service of the papers. Do not ignore this! If they get a judgment by default they will come after you and take everything they can to satisfy that judgment. You need an attorney!