time frame of the second foreclosure

Author Message
Cheri

Guest






PostPosted: Sat May 30, 2009 10:21 pm    Post subject: time frame of the second foreclosure

Does anyone know how long the second foreclosure is actually taking. Are the folks who lost the house originally brought back into the picture again?

I have been stumbling over packed boxes since April when we found out
our foreclosed house was going to have to go through the process again.

We have started looking again
Icon Mini Profile jameshogg
jameshogg



Joined: 20 Dec 2005

Posts: 5167
Location: nevada
645.98 Dollars($)
PostPosted: Sun May 31, 2009 7:24 pm    Post subject:

Hi Cheri,

If you had a second loan on your foreclosed property, then you're responsible to pay it off. If the property is foreclosed by the first lender and sold to someone, the second lender cannot foreclose the same property again. The second lender may either charge off the loan or garnish your wages to recover the dues.

I would suggest you to speak to your second lender and clear out the whole issue.

Thanks
Quick Reply
Your Name
Subject
Message body

All times are GMT - 7 Hours
Page 1 of 1

 
Highlights
Helpful References
Mortgage Guide
Mortgage Terms
Mortgage News
Book Center
Shop and Compare lenders
30 Yr. Fixed Vs. 5/1 ARM


Calculators     [View all]
Are you eligible for loan?
How much you can afford?
Calculate monthly payment
Calculate APR


Financial Tools
Credit Repair Tool New
Mortgage Planner
Simple Budgeting Tool


Our Community
MortgageFit Blog
Community Professionals
Community Rewards
Introduce yourself
Website tools


Community Rewards
Five simple ways to earn money with the Mortgage Community.

MortgageFit Live Help

Explore the lender near you

Google Map Image

MF Talk



DebtConsolidationCare    Insurance community: We Make You Insurance Smart    CreditMagic: Helping you build up credit


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