Compare Mortgage Quotes

Refinance Rates for Today

Please enable JavaScript for the best experience.

In the mean time, check out our refinance rates!

Company Loan Type APR Est. Pmt.

1st Mortgage foreclosed, 2nd wants to collect

Posted on: 07th Dec, 2009 05:21 pm
I got foreclosed on my house by the 1st mortgage holder. They have put it back on the market, I am sure it will sell for about 100K less than what I owe on it. Now the 2nd Lender wants to collect the full amount of their 2nd mortgage. Should I contact an attorney?
hi jdreier,

even after your first mortgage lender forecloses on the property and it is sold for less than what is owed, you will be responsible for the second mortgage. if the house is sold, the second lender can charge off the debt and send it to collections. you will then have to deal with the collection agency which will recover the debt from you. how much do you owe on the second loan? is the value of the house insufficient to pay off the second mortgage even in part? if it is, you can file bankruptcy chapter 13 and have the second mortgage lien removed from the property. you will not be required to pay off the loan.
Posted on: 07th Dec, 2009 10:08 pm
Page loaded in 0.072 seconds.