Posted: Tue May 12, 2009 4:35 pm Post subject: forecloser
When I bought my house I took out two morgage loans. I was foreclosed on about a year ago and the house is forsale. The house has not been sold yet but the second mortage company has turned me over to a collection agency who is calling wanting 20,000. Can they come after me before the property is sold?
The collection agency may come after you before the property is sold. But they would probably not take any legal action against you before the foreclosure process is complete. You should negotiate with them and come to a mutual settlement to avoid any legal action against you.
Thanks,
Jerry
Steve Foster Guest
Posted: Sat Jul 11, 2009 3:42 pm Post subject: potential foreclosure by the second mortgage holder in Calif
Bankruptcy filing is pending. My 1st mortgage is $240,000 and my 2nd mortgage is $30,000 and my house per Zillow is worth about $130,000. I have been advised to pay on the 1st but not the 2nd. Since the 2nd mortgage holder would get no money by forecloure/sale, would it make sense for the 2nd to try to foreclose?
It is unlikely that the second mortgage holder will foreclose on your property. As long as you keep paying the first mortgage, you have least chance of your property getting foeclosed by the second mortgage company. However, they can sue you if you do not pay them and can get a judgment against you.
I walked away from my home a year ago. I am living pay check to pay check. The bank has sold my home. Yesterday, i received a letter saying they want us to pay the 2nd mortgage for 100k. I don't want to do a bankruptsy, should I make arrangements to do a settlement with them, or take my chances that they will come after me with a judgement, since I really don't have any assets.
It would be better if you could settle your debts with the lender. You can inform the lender about your financial situation and check out if he can forgive your debts.
Michael in Florida Guest
Posted: Wed Oct 28, 2009 2:34 pm Post subject: Should I file Bankruptcy to get rid of the 2nd mortgage?
Im working with Bank of America for the 1st mortgage which should be a loan remod they say in november. I have also stopped paying the second mortgage as I wasnt sure how the first would go, if they take the loan mod or not... If I do get a loan remodification on the first, what should I do about the second? I was trying to do the right thing but I owe $350K on a condo that was worth $400K but now is worth $148K. I have since called second mortgage company and asking for a cash settlment.what is a realistic cash offer on $90K? offer?
The second mortgage holder holds a lien on the property and he has the right to foreclose on the property. If you do not make payments towards the second mortgage, the lender can start foreclosure proceedings against your property. As long as there is a lien on the property and the lender thinks he can recover the debt from you, he may not accept a cash settlement offer. However, it is worth a try. Have you talked with the second lender regarding this? Is he willing to accept a loan modification?
shari Guest
Posted: Fri Nov 13, 2009 4:32 pm Post subject: can a second mortgage garnish your wages if home forecloses
can a second mortgage garnish your wages if home is foreclosed on in minnesota? also if the second mortgage is with the bank i bank at can they amount out my account?
Second mortgage lender can garnish your wages if you do not pay off the loan. You are legally responsible to pay off the second mortgage and the second lender has the right to sue you for non-payment of loan. The bank cannot take out money from your account. If they want to take money out of your account to satisfy the second mortgage, they need to get a judgment from court.
jerry
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