collection agency tring to collect on a forcloses mobile home

[glenw]

What is the name of your state? Nevada

Two years ago (2000) my parents walked away from a mobile home they puchased outside of Reno. They paid $16,500 for it, and it was apraised at $18,000. Some time later (months are unknown), for whatever financial reasons, they could not pay the mortgage, they tried to sell it but could not. So they walked away from it.

Several weeks ago someone from Citi Housing Financial called them and said that they owed $10,500 on the loan. The person was verbally abusive and called my parents theifs and liars. My parents have some of the phone calls on the answering machine tapes.

Doing the math it looks like they sold the Mobile home for $6000.

No contact has been made to my parenst from 2000 to 7/2002, regarding this issue.

My questions are this:

1. Can they do anything about the rude phone calls

2. Is there a statue of limitations on how long they can go before contacting you.

3. Can somone resell a repossed house for thousands less and try to recoup the rest of the loan from the previous owners?

4. Can someone legally sell a house for $6000 that appraised at $18000. And try to fall back on the previous owners for the remaining amount.

5. What rights do they have?

thanks for any help anyone can give me to relay to them

Glen Williamson

 

[HomeGuru]

What is the name of your state? Nevada

Two years ago (2000) my parents walked away from a mobile home they puchased outside of Reno. They paid $16,500 for it, and it was apraised at $18,000. Some time later (months are unknown), for whatever financial reasons, they could not pay the mortgage, they tried to sell it but could not. So they walked away from it.

Several weeks ago someone from Citi Housing Financial called them and said that they owed $10,500 on the loan. The person was verbally abusive and called my parents theifs and liars. My parents have some of the phone calls on the answering machine tapes.

Doing the math it looks like they sold the Mobile home for $6000.

No contact has been made to my parenst from 2000 to 7/2002, regarding this issue.

My questions are this:

1. Can they do anything about the rude phone calls

**A: demand that the collection agency stop calling. Follow up with a written letter send via certified rrr mail. In the conversation and letter you may quote Federal law that supports your request.
**********

2. Is there a statue of limitations on how long they can go before contacting you.

**A: yes and the 2+ years is within the time period.
*********
3. Can somone resell a repossed house for thousands less and try to recoup the rest of the loan from the previous owners?

**A: yes and it's been done frequently when the borrowers just abandon the property.
***********
4. Can someone legally sell a house for $6000 that appraised at $18000. And try to fall back on the previous owners for the remaining amount.

**A: yes and the appraisal means nothing. The sales price at the foreclosure auction dictates the highest price sold for the property.
*********
5. What rights do they have?

**A: the right to pay back the money that they owe legally have the debt discharged through BK.
**********
thanks for any help anyone can give me to relay to them

Glen Williamson

**A: let them know that once the property was abandoned, they lost all control and let the lender call the shots. If the lender hired an attorney at $250 per hour to facilitate the foreclosure auction, thay are being charged those fees.