I was just served papers for a debt that I owe on a vehicle that was repo'ed. The vehicle, which was a 2005 Lotus Elise was purchased by myself and a company (the company did not have sufficient credit to purchase the car and I did not have the income to purchase the car, but together we were approved). The driver of the car was the President of the Investment company who ended up running out on myself and all of his investors. We are now unable to find him (a few PIs have looked for him). The loan on the vehicle was for some 72k and was being paid well until the president ran off. I did not have the income to pay the 1100/month bill and the car was repo'ed. I never received any kind of statement stating how much the car was sold for at auction. The bank is now suing me for some 28k plus lawyer fee, etc. There is still 1 house in my name that has not been foreclosed on and I really have nothing else that the bank could take (going by Texas exemption lists). I am in Texas and know that my wages cannot be garnished. I also do not currently have a bank account and am single.

I am wondering what will happen when I go to court. Can I ask for this debt to be forgiven by the state? If they file a lean against the 1 investment property I have left and the mortgage company forecloses on that property what happens to the judgement/debt? Does it follow the house and is considered paid?

Also, I've heard mixed things about 80/20 loans being foreclosed on and how the bank cannot collect on the deficiency when it is sold at auction. If an 80/20 mortgage is foreclosed by either loan, can the other loan still be collected on? Does it make a difference if the 2 loans were sold to separate companies? Does the same apply to a 100% loan that is foreclosed and sold?

Sorry for so many questions, but they have been building up and the first lawyer I tried to ask hung up on me when I said I had 7 houses and 1 vehicle in foreclosure and needed some legal advice =/

I was just served papers for a debt that I owe on a vehicle that was repo'ed. The vehicle, which was a 2005 Lotus Elise was purchased by myself and a company (the company did not have sufficient credit to purchase the car and I did not have the income to purchase the car, but together we were approved). The driver of the car was the President of the Investment company who ended up running out on myself and all of his investors. We are now unable to find him (a few PIs have looked for him). The loan on the vehicle was for some 72k and was being paid well until the president ran off. I did not have the income to pay the 1100/month bill and the car was repo'ed. I never received any kind of statement stating how much the car was sold for at auction. The bank is now suing me for some 28k plus lawyer fee, etc. There is still 1 house in my name that has not been foreclosed on and I really have nothing else that the bank could take (going by Texas exemption lists). I am in Texas and know that my wages cannot be garnished. I also do not currently have a bank account and am single.

I am wondering what will happen when I go to court. Can I ask for this debt to be forgiven by the state? If they file a lean against the 1 investment property I have left and the mortgage company forecloses on that property what happens to the judgement/debt? Does it follow the house and is considered paid?

Also, I've heard mixed things about 80/20 loans being foreclosed on and how the bank cannot collect on the deficiency when it is sold at auction. If an 80/20 mortgage is foreclosed by either loan, can the other loan still be collected on? Does it make a difference if the 2 loans were sold to seperate companies? Does the same apply to a 100% loan that is foreclosed and sold?

Sorry for so many questions, but they have been building up and the first lawyer I tried to ask hung up on me when I said I had 7 houses and 1 vehicle in foreclosure and needed some legal advice =/
If sold at an auction they will sue you for the remaining amount. As far as he car if it is not in your name you don't have to worry about it...