I have a equity line of credit on my rental property through Wells Fargo. The property went through foreclosure and the first got the proceeds. Wells Fargo sued me and recieved a judgement. I've been trying to settle with them, however they refuse to take anything less than 80%. Other than bankruptcy, what options do i have? Which type of attorney should i be talking to?
Consumer Protection Attorney
At this point, your choices of attorneys seem to be bankruptcy attorney or consumer rights attorney. It may be too late to change the outcome of the court case, but a consumer debt defense attorney may find a way to challenge the judgment and strengthen your negotiating position. Try www.naca.net to locate a consumer attorney near you.
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Libel / Slander Lawyer
I am assuming that a personal deficiency judgment was entered against you as part of the foreclosure. Under Illinois law, the only way a plaintiff can properly get such a judgment is if there is personal service (unless an appearance is on file in the foreclosure action). Our appellate court has interpreted the phrase “personal service” in this context to include substituted service as well (which occurs when the sheriff or process server leaves a copy of the complaint and summons at the defendant's usual place of abode with a person of the family or a person residing there who is at least 13 and apprises that person of the contents and also mails a copy to the defendant). Here’s a link to some helpful information as to exemption rights: http://www.illinoisprobono.org/index.cfm?fuseaction=home.dsp_content&contentID=297. You may want to sit down with an attorney and all relevant documents to discuss. Hope this helps. Good luck!
Robert T. Kuehl
Kuehl Law, P.C.