---

buying a house after foreclosure?

Author	Message
	Add to del.icio.us Add to YahooMyWeb Add to Simpy Add to BlinkList
milky0625 Joined: 01 Feb 2011 Posts: 2 1.31 Dollars($)	Posted: Tue Feb 01, 2011 12:57 pm    Post subject: buying a house after foreclosure? Like 0 Dislike 0 my husband's house has been foreclosured Dec 2008 in California. can the second loan come after him If he buying a house after Dec 2011?
adonis Joined: 22 Oct 2005 Posts: 10562 Location: ALASKA 1089.18 Dollars($)	Posted: Tue Feb 01, 2011 7:43 pm    Post subject: Like 0 Dislike 0 Welcome milky, The second lender has the rights to come after your husband in order to collect the balance amount resulting from the property sale. However, as 3 years have already passed since the foreclosure, I don't think the lender will come after the property rather he might have charged off the loan and sold it off to a collection agency. _________________ Procrastination is the enemy of your financial success
milky Guest	Posted: Tue Mar 22, 2011 9:58 am    Post subject: Like 0 Dislike 0 Now, the other problem of second loan has popped up! my husband got a letter from collection agency. (We live in California and the second loan was purchase money only for the house which has been foreclosure).what will happen if my husband ignoring the letter? can the collection agency sue my husband and come after my husband's other house or asset (income,stock etc.)?
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Wed Mar 23, 2011 11:55 pm    Post subject: Like 0 Dislike 0 Hi milky! Welcome to forums! As you live in California and as it is a purchase money mortgage, your lender won't be able to come after you for the payments. You're also not liable to pay them. I don't think that the collection agency can sue your husband. Feel free to ask if you've further queries. Sussane

Quick Reply
Your Name
Subject
Image Verification	Enter the code above here : Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours

Page 1 of 1

---

We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0