Home arrow Mortgage Forums arrow Loan Talk for First Time Home Buyers arrow

Foreclosure Initiated by Second Mortgage Company

Author Message
Icon Mini Profile dollylee9





Joined: 19 Jul 2009

Posts: 63

-0.14 Dollars($)
Post Posted: Fri Oct 09, 2009 11:50 am    Post subject: Foreclosure Initiated by Second Mortgage Company
Like 0
Dislike 0

To make a long story short I bought two homes in FL. one for my son and one for my wife both in in my name. Due to health reasons no one moved in and they were rented. Due to my lack of income I find it impossible to support the properties and stay current any longer. there are two first's and two second's. if the second's are defaulted and the first's paid there will be sizeable deficiency balances no doubt totaling the entire sum of one second ($100,000) and appx. ($35,000/46,000) of the other. if in fact the second mortgagee forecloses and i have no other assets nor income what happens? Thank you.
Icon Mini Profile sunnyca2009





Joined: 04 Aug 2009

Posts: 1731

35.55 Dollars($)
Post Posted: Fri Oct 09, 2009 12:09 pm    Post subject:
Like 0
Dislike 0

If the secodn forecloses, then they will have to pay the first and then collect their money from the remianing

The second may send the deficient amoutn to a collection agency and they will coem after you. If you do tno ahve any assests they cna get a judgement and probably go after your checkign and savings account including your salary.

Unless your incoem is from Socail Security
Quick Reply
Your Name
Subject
Image Verification


Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours
Page 1 of 1

 
Highlights
Bookmark this page
Share |

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 on Twitter

Followers (265)








Community Chat

We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0
Page loaded in 0.069 seconds.