Home sold due to foreclosure - Am I liable for second loan?

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I guess that also depends on the company. Our company told us they would work with us, told us an amount to put aside, then would not take our calls as the sales date neared. I had to call them crying and begging someone to talk to me before they told me they'd decided not to do the modification because my husband's w.c. was not guaranteed income. They would not even take my attorney's calls. They pulled the rug from under us and left my family almost homeless. Sad

adonis · Posted: Sun Oct 18, 2009 11:05 pm Post subject:

Hi Felicia,

Though the first lender has foreclosed your property, you would still be liable for the second mortgage. You will have to pay off the second mortgage dues. You can contact your second mortgage lender and negotiate for a payment plan so that it becomes affordable for you to pay off the loan.

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