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joeallphase
Guest
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 Posted: Sat Oct 03, 2009 10:32 am Post subject: foreclosure |
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hi i live in california my house was just foreclosed on and the bank is telling me i still have to pay the second. i have read a few letters withacouple of different answers. i owe 70k and im notplanning on paying it back can i get out of this without paying ,what should i do.
thanks, joe
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 leeelliot61
Joined: 13 Sep 2009
Posts: 189
20.14 Dollars($)
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| Posted: Sat Oct 03, 2009 10:36 am Post subject: |
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You are supposed to pay back your second mortgage as well. They have every right to ask it.
you can discusss & negotiate with second mortgage lender. |
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sunnyca2009
Joined: 04 Aug 2009
Posts: 1737
36.13 Dollars($)
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| Posted: Sat Oct 03, 2009 5:18 pm Post subject: |
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In state of califorina you do not need to pay the second when you foreclose if it was your primary residence
Normally, when the first lender forecloses, they will have to pay the second lender some money after the sale is done |
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leeelliot61
Joined: 13 Sep 2009
Posts: 189
20.14 Dollars($)
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| Posted: Sun Oct 04, 2009 3:48 am Post subject: |
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| your bank is asking you to pay second mortgage. you can not stop payment. |
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sunnyca2009
Joined: 04 Aug 2009
Posts: 1737
36.13 Dollars($)
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| Posted: Sun Oct 04, 2009 8:50 am Post subject: |
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lee ths house has been already foreclosed
The issue is more related to after foreclosure |
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allphase
Guest
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| Posted: Sun Oct 04, 2009 8:50 pm Post subject: foreclosure |
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im getting some good feed back but they are all differrent except for sunnyca99, i like your answer are you sure of it,mostly everyone is saying in supposed to pay it back.
can you tell me where i can find that information,
Thanks,
joe |
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allphase
Guest
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| Posted: Sun Oct 04, 2009 8:52 pm Post subject: forecloseure |
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| my house has already been foreclosed, when i checked my acct it still showed the second so i called the bank and they told me im responsible too pay |
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smithsussane
Joined: 18 Sep 2008
Posts: 3709
Location: Alaska
556.69 Dollars($)
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| Posted: Sun Oct 04, 2009 9:27 pm Post subject: |
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Hi joeallphase!
Welcome to forums!
As far as I know, though the first lender has foreclosed the property, you would still be liable for the second mortgage dues. If you do not pay the second mortgage dues, the lender would simply charge off second mortgage to a collection agency who will in turn collect the dues from you.
Feel free to ask if you've further queries.
Sussane |
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allphase
Guest
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| Posted: Sun Oct 04, 2009 10:24 pm Post subject: foreclosure |
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thanks sussane,
i noticed you live in alaska, sunnyca has explained that in california the rules are different and that im not responsible.
just making sure
thanks |
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