 smithsussane
Joined: 18 Sep 2008
Posts: 3738
Location: Alaska
561.45 Dollars($)
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 Posted: Sun Jan 04, 2009 9:06 pm Post subject: |
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Hi cowan!
Welcome to forums!
Yes, the second lender can come after you and ask you to pay off the second mortgage dues. If in a foreclosure sale, the property sale leads to a profit after satisfying the first mortgage, then you can pay the second lender with that amount. However, if you do not get any excess amount resulting from the sale, they you will have to pay the second lender. If you cannot pay the second lender, then he can place liens on your property, charge off the loan or garnish your salary.
Feel free to ask if you have further queries.
Sussane |
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