Foreclosed in March of 2008. We are being sued by our 3rd mortgage company and sent to collections by our 2nd.

UPDATED: Jun 15, 2009

Advertiser Disclosure

It’s all about you. We want to help you make the right legal decisions.

We strive to help you make confident insurance and legal decisions. Finding trusted and reliable insurance quotes and legal advice should be easy. This doesn’t influence our content. Our opinions are our own.

UPDATED: Jun 15, 2009Fact Checked

Get Legal Help Today

Compare Quotes From Top Companies and Save

secured lock Secured with SHA-256 Encryption

Foreclosed in March of 2008. We are being sued by our 3rd mortgage company and sent to collections by our 2nd.

Our home was forclosed on in March of 2008. We had a second and third on the home. Both have been charged off according to our credit report. Right now the 2nd has sent us to collections and the 3rd is suing us for the amount due. Can they do this? We have heard that once a loan is charged off they cannot sue for collection. We have to file an answer to the company suing us and we have no idea how to proceed… please help us!

Asked on June 15, 2009 under Real Estate Law, Colorado


B. B., Member, New Jersey Bar / FreeAdvice Contributing Attorney

Answered 13 years ago | Contributor

I'm afraid you heard wrong.  Whatever it might say on a credit report, a company that holds a mortgage is not likely to give up on trying to collect, until and unless there's a discharge in bankruptcy or something about as drastic (from a creditor's point of view).  And I certainly hope you didn't stop paying those loans because you saw that on the credit report.

There's more to this story, I know.  To begin with, you haven't explained how it is that you're still in your home, more than a year after the foreclosure.  You need to have an attorney in your area review all of the facts, to give you reliable advice.  One place to find the lawyer you need is our website,

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

secured lock Secured with SHA-256 Encryption