forclosure on first trust with a second trust

[mark1659]

What is the name of your state (only U.S. law)? What is the name of your state (only U.S. law)? West Virginia

The first trust bank foreclosed on my home and they bought it back at auction. Now the second trust has hired a collection agency to collect $31,000.00 that I owed on the second trust of my foreclosed home.
Am I still obligated to pay second trust debt? The second trust bank has turned the debt over to a collection agency. I offered to settle the debt at forty percent. The agency came back wanting 85% of the debt. Do you know what amount they will usually accept to settle a debt? Should I seek an attorney's advice and/or let an attorney deal with the collection agency? What kind of attorney should I seek? I don't want to claim bank ruptcy. I live in West Virginia.

[HomeGuru]

Originally Posted by mark1659

What is the name of your state (only U.S. law)? What is the name of your state (only U.S. law)? West Virginia

The first trust bank foreclosed on my home and they bought it back at auction. Now the second trust has hired a collection agency to collect $31,000.00 that I owed on the second trust of my foreclosed home.
Am I still obligated to pay second trust debt?




**A: yes



#########
The second trust bank has turned the debt over to a collection agency. I offered to settle the debt at forty percent. The agency came back wanting 85% of the debt. Do you know what amount they will usually accept to settle a debt?


**A: no


########
Should I seek an attorney's advice and/or let an attorney deal with the collection agency? What kind of attorney should I seek? I don't want to claim bank ruptcy. I live in West Virginia.

**A: yes and see a BK type attorney.