Compare Mortgage Quotes

beastygirl · Joined: 14 Mar 2010 Posts: 1 1.33 Dollars($)

What happens to a second mortgage after foreclosure?

Niicss · Posted: Mon Mar 15, 2010 4:36 am Post subject:

The borrower is liable to pay off the second mortgage to the lender if it's not satisfied from the foreclosure sale. The second lender has the rights to sue the borrower for the loan.

Guest

Our second was a home equity line which essentially is like having a credit card attached to the value of your house. Through foreclosure your 1st mortgage gets settled however your second can follow you. We filed ch 7 for this reason.

Guest

if you make payment arrangement on the second mortgage, can you get a new home loan

jameshogg · Posted: Wed May 19, 2010 12:06 am Post subject:

Hi MrBaltimore,

Immediately after a foreclosure, you won't be able to get a new loan. You need to wait for 3-4 years after a foreclosure in order to get a mortgage.

Thanks

Guest

if the second mortgage is following me after foreclosure, should i make a settlement fault with they? they asked me that?

jameshogg · Posted: Thu Jan 27, 2011 11:44 pm Post subject:

Hi zulma,

After a foreclosure sale, you'll be liable for paying off the mortgage dues of the second lender. You should contact your second lender and try to negotiate for a settlement with them. If the lender agrees to settle the dues with you, then you will be able to get rid of the dues in an easier manner.

Thanks

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