I live in alberta and We had to walk away from our wells fargo mortgage in Aug.2010.. term was up in Sept.2010 and no one would touch it to renew. The home was sold July 2011... Jan. 2012 we received a statement from wells fargo saaying we owed them $85000.00... we have not received aanything at all explaining this amount,letters,court papers.. nothing! And have not paid them a cent. Now a collection agency is calling and want to discuss this account... what can we do? Can they sue us without us getting any info? Will we know if there is a judgement? What can we do to fix this besides going bankrupt?

If there is no judgement yet, how long do they have to file one against us? Wouldn't wells fargo do it,instead of a collection agency? Eeek... this is scary :(

A mortgage term does not become "up". When the term ends the loan is supposed to be paid off. If it isn't paid off it means the loan was in default. So what actually happened here? Did Wells Fargo foreclose and then auction the property off? If the term was really up in aug 2010, then your balance shouldn't have been anywhere near $85K or they would have foreclosed long ago.

Our term with wells fargo was for 3 years and they pulled out of the canadian market, we were left to find another lender and given notice by mail 60 days before the term was up for renewal,obviously we couldn't as the amount owing was way more than the house was worth. So yes it was in default and then foreclosed on.we have no idea what happened as far as auction or sale, we've received no information, until the statement showed up in January saying we owed said amount. We've asked for info since, have received nothing and now it's in collections.

We know the house was sold in July 2011 thanks to a neighbor, listed by remax for less than a month.