---

Am I responsible for the debt of a second mortgage if I foreclose on a first?

Author	Message
	Add to del.icio.us Add to YahooMyWeb Add to Simpy Add to BlinkList
jesskritter Joined: 12 May 2009 Posts: 2 1.73 Dollars($)	Posted: Sat Mar 27, 2010 9:47 am    Post subject: Am I responsible for the debt of a second mortgage if I fore Like 0 Dislike 0 Here is my situation. I have a first with one Bank of American for $165,000 and a second mortgage with Chase for $96,000. The first is a 30 year fixed conventional, and the first is a second (like a piggyback) that was originally a line of credit with WAMU, but was refinanced into a fixed mortgage. We are considering foreclosure (I know I know), but I am afraid that Chase will come after me for the second once the home is auctioned off and BOA is paid for the first. The home is probably only worth $140,000 (its a townhome). By the way, I live in California, as I know every state's laws are different. Any advice and help with this would be appreciated. Thank you!
jheard Moderator Joined: 12 Dec 2007 Posts: 742 Location: Houston, TX 117.92 Dollars($)	Posted: Sat Mar 27, 2010 9:59 am    Post subject: Like 0 Dislike 0 The second mortgage will drop off the property at the foreclosure auction, but you are still liable on the debt. _________________ Disclaimer: This is not legal advice and I am not your lawyer. The information provided in this forum is for discussion purposes only, and is no substitute for an in-person consultation with an attorney who can analyze all of the facts and determine how your state and local laws may apply to your specific situation.

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