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We have a house in MN. The 1st mortgage is in my roomates name and the 2nd is in my name. I need to get out of the 2nd mortgage and the Mortgage Company is not working with us. What can happen in the state of MN if I forclose on the 2nd mortgage? Can Chase come after me and garnish my wages. 1st mortgage is $210,000 and 2nd is $80,000. Please advise what options are out there. Thanks.

gmakerley · Posted: Tue Apr 21, 2009 1:26 pm Post subject:

" I need to get out of the 2nd mortgage and the Mortgage Company is not working with us. "

wow...isn't it amazing that they wouldn't want to be cooperative? after all, they're only going to lose some money.
truly, i don't get that statement.

i also don't get this: how does a first mortgage exist in one person's name; and the second mortgage in another person's name? there has to be some invalidity going on there, i think.

it's awfully hard to state options at all, and that's not only because i don't know minnesota laws. most lenders will not attempt to garnish someone's wages for lost money on a foreclosure (though if they read your line that i quoted above, they might just do it for spite).

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1st and 2nd Mortgage. 1st in one name, 2nd in another?