USDA Loan Foreclosure

[Ryanserves]

I purchased my home in 2007 using a loan officer recommended to me by the union I am a member of...in 2010 the home was foreclosed on and a sheriff's sale took place. I have learned that there is now a collection agency coming after me for over $100k because USDA loans are personally guaranteed and not included in the mortgage forgiveness act. Can I sue the loan officer or brokerage firm for not advising me of this horrible side effect of a USDA loan?

 

[Betty3]

Did you read your loan contract - was the information in there?

 

[army judge]

I purchased my home in 2007 using a loan officer recommended to me by the union I am a member of...in 2010 the home was foreclosed on and a sheriff's sale took place. I have learned that there is now a collection agency coming after me for over $100k because USDA loans are personally guaranteed and not included in the mortgage forgiveness act. Can I sue the loan officer or brokerage firm for not advising me of this horrible side effect of a USDA loan?

You don't need to waste time here.

No one here can help you.

If help is available to you, you need to consult with a bankruptcy attorney in your county.

Then you might also want to discuss your remedies (if there are any) with a real estate lawyer.

After you've chatted with them, they can refer you to other attorneys (perhaps), or lay out what they can do for you.