Compare Mortgage Quotes

boogles · Joined: 30 Sep 2009 Posts: 2 1.72 Dollars($)

We were foreclosed upon in Texas (now live in WA). The house has not been sold yet. There is oustanding of approx 163k, 40k of which is a second that was gotten to enable us to get zero down financing. Now, the second, Citibank, is filing against us. What can we do ... what are our options ... what are their limitations? We really do not know what to do, we're unemployed and living with relatives.

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

Please check answer to you question here

http://www.mortgagefit.com/inprocess/about28732.html#124945

jenkin7 · Posted: Wed Sep 30, 2009 10:30 pm Post subject:

Hi boogles,

As you signed on the promissory note, you are liable to pay off the entire amount of the second loan. If your house is foreclosed and you fail to pay it off, the second mortgage holder has the right to file a lawsuit against you and sue you for non-payment. However, most of the times lenders avoid taking that route as it involves a lot of expenses. You can talk with the lenders and settle the debt for a lesser amount. The other option for you would be to file bankruptcy and get the debts discharged through chapter 7. However, the bankruptcy will remain on your credit for about 7 years and will damage your chances of qualifying for a new loan in the next 2 years.

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

Good addition Jenkin

Property State:
Property Type:
Credit Rating:

Company	Loan Type	APR	Est. Pmt.
				Go
				Go
				Go
				Go
				Go
				Go

All times are GMT - 7 Hours

Page 1 of 1

Compare Mortgage Quotes

Foreclosure