Compare Mortgage Quotes

jennyb · Joined: 28 Dec 2009 Posts: 1 1.37 Dollars($)

I'm in Iowa and had to move due to a job transfer. Our old home has been on the market for over 2 years. We've maintained payments up until this last June. We tried for a Deed In lieu as we have not received any offers to pursue a shortsale. After 5 months of nothing from BOA we finally recieved word that we do not qualify and that they are foreclosing on the property. We have a 1st and 2nd with them. How does foreclosure work with a 2nd loan? Am I liable for the whole amount, if so, do they offer payment arrangements? We offered to pay the 2nd, tack it on our home now, but BOA refused saying that we had to be living in both homes to refinance (i'd like to see someone do that). Any other advice would be appreciated.

adonis · Posted: Mon Dec 28, 2009 8:32 pm Post subject:

Hi jennyb,

If your first lender forecloses the property, you would still be liable for the second mortgage dues. The second mortgage lender has the rights to collect the full dues from you. If you are unable to pay the dues, he has the rights to send the account to collections or garnish your wages or your savings account. It would have been better if you could have gone for a deed in lieu. But as you are not able to find a buyer, I think the lender will foreclose the property.

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

Property State:
Property Type:
Credit Rating:

All times are GMT - 7 Hours

Page 1 of 1

Compare Mortgage Quotes

How is the 2nd loan handled in Iowa?