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Can 2nd mortgage company sue after foreclosure on first?

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mellin Guest	Posted: Wed Oct 06, 2010 11:01 am    Post subject: second mortgage dilema Like 0 Dislike 0 i did a short sale on my property back in Feb. first was satisfied and second Bof A was the second they are now calling me daily to make payment arrangements... i have very little money and no other debt is it worth going bankrupt over this ? can they garnish your wages? will it go away after a certain point
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Thu Oct 07, 2010 2:07 am    Post subject: Like 0 Dislike 0 Hi mellin! Welcome to forums! The second mortgage lender has the rights to sue you for the balance amount resulting from the property sale. You're liable for paying it off. Rather than filing bankruptcy, it would be better if you could let the lender know about your financial situation and negotiate for an affordable payment plan. If you do not pay the dues, the lender can file a lawsuit against you and get a judgment to garnish your wages. Feel free to ask if you've further queries. Sussane
sad man Guest	Posted: Mon Nov 29, 2010 12:13 pm    Post subject: 1st morgage can i be sued if i forelcoe on my home Like 0 Dislike 0 i live in minnesota i haven't payed a house payment for 6 months , my wife is disabled and i can't afford my payments, the bank wont help me what can i exspect to happen to us,,,hi refied 3 times to try to keep up can they sue me
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Mon Nov 29, 2010 11:40 pm    Post subject: Like 0 Dislike 0 Hi Guest! Welcome to forums! As the payments have not been made, the lender has the rights to foreclose the property in order to recover the dues. After foreclosure, you'll be liable for paying the deficient balance resulting from the sale. If you're unable to pay off the balance, then the lender can sue you in court and place a lien on any other property that you own. Feel free to ask if you've further queries. Sussane
Mariadaluz Guest	Posted: Mon Dec 06, 2010 5:34 pm    Post subject: Foreclosure Like 0 Dislike 0 My husband and I had a home in Vacaville. We refinanced and the loan isonly in my husbands name. Almost 3 years ago we had to walk away as I was transferred through work to San Jose. WE were not allowed to rent the house and the house was upside down. We have not been approached by the first but got a summons from an attorney on the second. They did not serve my husband. They left it at the house with someone else. Any advice?
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Tue Dec 07, 2010 1:00 am    Post subject: Like 0 Dislike 0 Hi Mariadaluz! Welcome to forums! The second lender has the rights to recover his dues from you. He will not forgive your second mortgage. You will have to give a reply to the summons and try to pay off the dues. If you don't do so, the lender will charge off the mortgage which will have a negative affect on your credit report and reduce your scores. Feel free to ask if you've further queries. Sussane
Guest	Posted: Sat Apr 28, 2012 2:23 pm    Post subject: Like 0 Dislike 0 can a 2nd mortgage sue you if they did not file a deficiency judgement in oklahoma
adonis Joined: 22 Oct 2005 Posts: 10562 Location: ALASKA 1089.18 Dollars($)	Posted: Mon Apr 30, 2012 12:08 am    Post subject: Like 0 Dislike 0 Welcome Guest, As far as I know, non-judicial foreclosures are also allowed in Oklahoma. So, I guess the lender can ask you for the deficient balance even though he hasn't filed any lawsuit. _________________ Procrastination is the enemy of your financial success

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