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my house foreclosed got a 1099-a box 4 was more than box 2 box 5 says im l

my house foreclosed got a 1099-a box 4 was more than box 2 box 5 says im liable for debt,i also had a second mortgage ,now since the house sold ,the second mortgage did not get paid off,so they are after me to pay them,if i were to pay them 10.00 a month,will that keep me out of court?

Asked on 12:00 am Feb 19th 2011

Anonymous

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Hi Guest!

Welcome to forums!

After a foreclosure, you will be liable for paying off the deficient balance resulting from the sale of the property. Moreover, the second mortgage lender will also come after you in order to recover his debts. You can set up a payment plan with them in order to pay off the deficient balance. If you pay as per that plan, then you will be able to keep yourself out of the court.

Feel free to ask if you've further queries.

Sussane