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I have a home loan for $190,000. I have a 2nd loan from another bank for a pool for $30,000. I am in Arizona. Given all of that, does anyone know what would happen to the $30,000 in the event of a forclosure? In other words am I still on the hook for the $30,000?

adonis · Posted: Sun Sep 05, 2010 9:19 pm Post subject:

Welcome av,

You will be responsible for the second loan though your property is sold off at a foreclosure auction. If you do not pay it to the lender, he would charge off the account and assign it to a collection agency who will in turn contact you for the payments. The charged off account will be mentioned in your credit report and it will lower your scores as well.

To know more about second mortgage charge off, check out the given page:
http://www.mortgagefit.com/know-how/secondloanchargeoff.html

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