2nd Mortgage Deed of Trust

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heros

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I sold my house as a short sale back in June/08. The second mortgage acept a payment of $5.000. Now they are sending letter requesting payments for the money that we did not cover at the time of the short sale.
Here is a description of the letter:

As a result of these events of default and the failure to cure such defaults on or before 9/05/08, or the date of this letter, and pursuant to paragraph 17 of the Deed of Trust, all of your obligations are hereby accelerated and are now due an owing As ot the close of businees today, the amount requiered to be paid is $64.04.70, which includes attorney's fees and costs incurred.
I do not have any properties, just my husband car and my car, I'm renting. What will happen to us. Do we need a lawyer, do we need to file bankruptcy? Please help!
Thanks, Heros
 
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Selling a house as a short sale does not mean that you are not liable for the difference owed on the total amount of the mortgage. If you thought that that would be the case, you were mistaken. Obviously the lender wants the remaining balance of your mortgage, hence the letter. You will probably need to consult with an attorney to assess what will be the best financial options in your case. Bankruptcy is not always the answer...
 
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