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2nd mortagage

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Guest	Posted: Tue Jan 17, 2012 5:58 pm    Post subject: 2nd mortagage Like 0 Dislike 0 can a collection company garnish my wages for the second loan if the house goes into foreclosure. _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
Guest	Posted: Tue Jan 17, 2012 6:52 pm    Post subject: Like 0 Dislike 0 they would have to first get a judgement against you.
adonis Joined: 22 Oct 2005 Posts: 10562 Location: ALASKA 1089.18 Dollars($)	Posted: Tue Jan 17, 2012 9:34 pm    Post subject: Like 0 Dislike 0 Hi Guest, I agree with the above poster. In order to garnish your wages, they will have to file a lawsuit against you and get a judgment. They cannot arbitrarily garnish your wages. _________________ Procrastination is the enemy of your financial success
sabrinatoss Community Expert Joined: 16 Jan 2011 Posts: 516 Location: Australia 82.74 Dollars($)	Posted: Wed Jan 18, 2012 1:47 am    Post subject: Hello guest, Like 0 Dislike 0 The first mortgage would have the first position on the lien. So if the second mortgage company foreclosed on the property - they would sell the property and the sale proceeds must go to pay off the first mortgage company first. Then, if there is anything left over, that money goes to the second mortgage company. _________________ Home Loan, Mortgage Insurance Calculator, Mortgage Broker

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