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Can 2nd mortgage company sue after foreclosure on first?

I had a first and a second mortage on my house which went into forclosure. the first got their money. The second is coming after me for theirs. Can they sue me? Can they put a lein on other property that I own? I got a written letter from an attorney that the 2nd mortgage company retained stating that the amount due must be paid in 30 days or there would be further legal action. What can they do to me??

lisa.scherzer's picture
lisa.scherzer | Joined: January 4, 2008 08:48 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

The [url=http://www.mortgagefit.com/second-mortgage.html]second mortgage[/url] holder can persue foreclosure on the property that has the lien on it. They cannot come after you or put a lien on another property unless they obtain a judgement for this amount. This would not likely arise until after the house is sold at auction and there is a defiency (shortage) from the sale. Most people file bankruptcy at that point to avoid the judgement from the shortage. Hope this helps but I would consult with an attorney about how to proceed depending on if you would like to keep the home or not.

If you want to keep this home, I would call the 2nd mortgage holder and ask for a loan modification. Many lenders are bending over backwards to come to agreeable terms that are benefical to both since they would rather not have proceed with the foreclosure if at all possible,. Most lenders would rather give you a lower interest rate, payment, etc that will allow you to get back on track and eventually pay them back.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

We have been out of our house for 3 years. We had a 2nd. Mortgage on our Foreclosed house. The 1st. Mortgage took the amount off of our credit and stated the foreclosure, the 2nd. still has the amount due with no foreclosure. I received papers last night that the 2nd. mortgage co. is suing my husband and I. Can they do that since we have not been in the house for 3 years and it was already sold at the auction?

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smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Janice Stone!

Welcome to forums!

Didn't the second mortgage lender know that your property was foreclosed upon and was sold at the auction? I think they are suing you as you have not paid the amount that was due on the 2nd mortgage. Yes, they will have the right to sue you. You need to speak to them and check out if they have any plans through which you will be able to pay off the debts.

Feel free to ask if you have further queries.

Sussane

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I have two loans with the same bank and am in foreclosure in California. In California there is a one action rule, they have to do a judicial of non judicial foreclosure. If they do a non judicial foreclosure can the second sue me later of the second?

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Jason b,

As far as I know, yes, in case of a non-judicial foreclosure, the second lender will have the right to ask you to pay the deficient amount. He may even sue you. There are chances that if you cannot pay the loan, he may even place liens on your other properties.

Thanks

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I had an investment property which I sold to my aunt. She did a 80/20. 80% financing from the bank and did a 2nd mortgage from me (20%). She and her husband divorce and left the house, the house was forclosed on and she is ducking me to pay the rest of my money back. I sent her and her ex-husband court order letters to pay my money back. She countered saying that I conducted business with "un-clean hands" and that she was under distress. All of this is a bunch of BS. I have witnesses, including the title company who were there at signing, who can witness that she wasn't under and distress or duress at signing. Also, I handled all my business in an ethical manner. Is there anything I can do to get my 40k from the two of them. Her ex-husband is a ex-vet and he recieves moeny every month, and she also recieves money from the gov't every month for who know's what. Can some one help me out?

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

if you are with the same bank can a home equity line be a second mortgage or two part of one loan

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Don't have much both my husband and I are on social security can they take money from that even if it goes straight to the bank

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

One more question: If they say we owe money on the second can they only put leins on properties: not touch bank accounts or take out monies from the bank?

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

modication do you know if indymac is putting the first and second together as one loan

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

We had a morgage on a home in Iowa. We lost our job and and had to move and finally we sold our house with a shortsale. We had a loan for $16,00.00 they are now sueing us for that money, which is now $20,000.
We are now out of state and cannot afford much and we were told that it would be more than $50 -$100. They said they would garnish our wages. We cannot file bankruptcy, we had done that on a business 3 years ago. I am stressed out and do not knw what to do. Can they really garnish our wages and can we set up payment for what we can afford?

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Niicss's picture
Niicss | Joined: October 3, 2005 11:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Renee,

In a short sale, you are liable to pay the deficient amount resulting from the sale of the property. If you do not pay this deficient amount to the lender, then he can garnish your payments.

You can definitely negotiate with your lender and try to set up a payment for what you can afford. But it will be the discretion of the lender whether he will agree to it or not.

Thanks.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I had a 80/20 loan with the same bank they sent the 20 portions to a collection agengcy and made forberanceagreement for modification on the first can I still beforclosed because the second is still diliquent

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Niicss's picture
Niicss | Joined: October 3, 2005 11:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Toney

A query similar to yours has been answered in the given link:
http://www.mortgagefit.com/problems/collections-forbearance.html#84949

Please check it out. I hope it would help you.

Thanks.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

When I bought my house I took out two morgage loans. I was foreclosed on about a year ago and the house is forsale. The house has not been sold yet but the second mortage company has turned me over to a collection agency who is calling wanting 20,000. Can they come after me before the property is sold?

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jerry's picture
jerry | Joined: October 17, 2005 03:24 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi mindg,

The collection agency may come after you before the property is sold. But they would probably not take any legal action against you before the foreclosure process is complete. You should negotiate with them and come to a mutual settlement to avoid any legal action against you.

Thanks,

Jerry

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Bankruptcy filing is pending. My 1st mortgage is $240,000 and my 2nd mortgage is $30,000 and my house per Zillow is worth about $130,000. I have been advised to pay on the 1st but not the 2nd. Since the 2nd mortgage holder would get no money by forecloure/sale, would it make sense for the 2nd to try to foreclose?

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savior70's picture
savior70 | Joined: March 25, 2009 05:14 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Steve,

It is unlikely that the [url=http://www.mortgagefit.com/second-mortgage.html]second mortgage[/url] holder will foreclose on your property. As long as you keep paying the first mortgage, you have least chance of your property getting foeclosed by the second mortgage company. However, they can sue you if you do not pay them and can get a judgment against you.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I walked away from my home a year ago. I am living pay check to pay check. The bank has sold my home. Yesterday, i received a letter saying they want us to pay the 2nd mortgage for 100k. I don't want to do a bankruptsy, should I make arrangements to do a settlement with them, or take my chances that they will come after me with a judgement, since I really don't have any assets.

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Niicss's picture
Niicss | Joined: October 3, 2005 11:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

It would be better if you could settle your debts with the lender. You can inform the lender about your financial situation and check out if he can forgive your debts.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Im working with Bank of America for the 1st mortgage which should be a loan remod they say in november. I have also stopped paying the second mortgage as I wasnt sure how the first would go, if they take the loan mod or not... If I do get a loan remodification on the first, what should I do about the second? I was trying to do the right thing but I owe $350K on a condo that was worth $400K but now is worth $148K. I have since called second mortgage company and asking for a cash settlment.what is a realistic cash offer on $90K? offer?

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jenkin7's picture
jenkin7 | Joined: June 4, 2007 11:02 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Michael,

The second mortgage holder holds a lien on the property and he has the right to foreclose on the property. If you do not make payments towards the second mortgage, the lender can start foreclosure proceedings against your property. As long as there is a lien on the property and the lender thinks he can recover the debt from you, he may not accept a cash settlement offer. However, it is worth a try. Have you talked with the second lender regarding this? Is he willing to accept a loan modification?

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

can a second mortgage garnish your wages if home is foreclosed on in minnesota? also if the second mortgage is with the bank i bank at can they amount out my account?

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jenkin7's picture
jenkin7 | Joined: June 4, 2007 11:02 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi shari,

Second mortgage lender can garnish your wages if you do not pay off the loan. You are legally responsible to pay off the second mortgage and the second lender has the right to sue you for non-payment of loan. The bank cannot take out money from your account. If they want to take money out of your account to satisfy the second mortgage, they need to get a judgment from court.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

my house has been forclosed and now second mortgage sued me what sould i do now.

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Niicss's picture
Niicss | Joined: October 3, 2005 11:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

You'll have to pay off the second mortgage dues. Though your first lender foreclosed the property, the sale must not have satisfied the dues of the second lender. Thus, the lender has sued you for the debts. You should negotiate with your lender and try to pay it off.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I recently went to a modification specialist and the told me not to pay on my second loan and that after a year they would discharge the loan and i would have to pay taxes on it. Is this true?

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jenkin7's picture
jenkin7 | Joined: June 4, 2007 11:02 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Rosa,

If you do not pay the second mortgage, the lender may discharge the loan. But given your particular situation, the lender may foreclose your property to satisfy the mortgage lien. In case they charge it off and cancels the debt, you may have to pay taxes on the cancelled debt. However, if you use the property as your primary residence and if the debt is discharged before 2012, you can claim exemption from paying taxes on the forgiven debt amount.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I bought a house on Sheriff sale auction and send email to county tresurer requesting to provide any lien against this house and if I'm legally responsible, Country replied about two unpaid utility liens and I paid them off. After 20 months, I found there is Tax sale lien which has been doubled with interest. Then found there is 2nd mortgage unpaid.

Can I sue country treasurer for not providing liens info correctly?

Am I responsible to pay off 2nd Mortgage loan which was taken by last owner? Will 2nd Mortgage bank foreclose my house? If Yes then will I be a party when they proceed foreclosing? I got the deed from sheriff office 20 month ago. Question why Bank staying dead silent? No any information about the loan....It was advertized and got foreclosed from the judgement on 1st Mortgage. What could be safe process to defend my property? I'm unemployed over a year and this is what I got.

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jerry's picture
jerry | Joined: October 17, 2005 03:24 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi New,

You may not be able to sue the county treasurer for the lien information. When you bid for a property and purchase it at an auction, you actually agree to take on the responsibility of the property along with the liens on it. Thus, it is important for any buyer to research properly regarding the liens on the property before bidding for it. I’m not sure if you can sue the county treasurer for not providing proper information about the liens on the property. You can consult a lawyer as he is the best person to help in this regard.

As far as the second mortgage is concerned, I do not think you are responsible for it in any way. You did not sign on the mortgage note and you are under no obligation to repay it. The house has already been foreclosed and sold. So, the second mortgage is not longer secured by the collateral. The lender cannot foreclose on the property as it now belongs to you.

Thanks,

Jerry

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

i have a property financed by a private lender (last property owner). They have first lein. I also have a second lein on same property by a bank. I am behind on payments. ex owners are willing to take the property back and release me from the obligation. Can 2nd lein holder stop the change in qwnership and if so, how can this transaction be completed?

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jenkin7's picture
jenkin7 | Joined: June 4, 2007 11:02 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Perry,

The first lien holder has the right to take over the possession of the property if you default on the first loan. However, the bank holding the [url=http://www.mortgagefit.com/second-mortgage.html]second mortgage[/url] will come after you for the outstanding balance on the loan. I’m not sure how the entire transaction will take place, but looks like the property will have to be foreclosed and sold off at an auction and the proceeds will be used to pay off the first and the second lien. If there remains any deficiency, the bank will come after you.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My house was foreclosed. A 2nd loan still exists as they got nothing from the mortgage company. Without any court order they drained my checking account of $3,000. now they are threatening to come after me and garnish my wages. Can they do this? Is there any way to lower the amount?

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

my heloc is with the same bank that i have my savings and checking accounts. The 1st mortgage forclosed on house during that time the credit union took out the balance of my accounts in the amount if $3000.00 can they do that with notice? can they still come after me for balance? (minnesota) Why in a short sale does the meloc get $3000.00 and that is all they get. They made it sound like they could not come after you for the balance in a short sale?

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savior70's picture
savior70 | Joined: March 25, 2009 05:14 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

To lexie,

If your second mortgage holder has gotten nothing out of the foreclosure sale of the home, they have the right to come after you to recover the outstanding loan balance. However, they cannot withdraw money from your checking account unless they have obtained a judgment against you. If they get a judgment against you, they can garnish your wages as well. You can talk to the lender and check out if you can settle the debt for a lower amount.

To shari,

Your credit union can take money out of your account only if they've got a judgment against you. They can come after you to recover the remaining balance on the loan, even though they have taken money out of your accounts. Heloc loans are secured loans and the lenders are allowed to sue the borrowers if they fail to recover the loan balance from the sale of the home.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I live in Minnesota and have a home that is going into foreclosure. Can this effect another home I have? Can the lender put a lien,etc. on my other property?
Thanks for your help!

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Welcome Monick,

After a foreclosure, the lender will be able to come after you for the deficient balance resulting from the sale. If you are unable to pay the deficient balance, then the lender can file a lawsuit to get a judgment and place a lien on your property.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

as long as it was all purchase money on the 80/20, the 20% can take a hike! But, they will consider it a defiecientcy or whatever for 7 years on your credit. Statue of limitations. In az that is. Good luck to all!

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muszyngr's picture
muszyngr | Joined: July 27, 2010 11:03 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

I hate it when people say this:

"... but I would consult with an attorney about how to proceed depending on if you would like to keep the home or not."

it's just a cop out, wouldn't you think if we could afford it, or have an attorney we would ask them, most attorneys won't tell you squat for free, I know I've meet with a bunch of them

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

It depends on what state you are in. In FL (a recourse state) yes they can sue you for the difference in a non recourse state they cannot. Be careful though as some states are non recourse on 1st mort. and recourse on the 2nd.

As for getting sued, there is a statute of limitations that vary state to state. In FL after 5 years they cannot collect on the difference. You still owe them and it can show on your credit report for up to 10 years but the court will not award a deficiency judgment after this time.

As for the lady on soc. sec. NO-ONE can garnish that, no matter what state you live in. If that is the only income you have let them sue you, you have nothing they can get. If you tell them this they will probably drop it.

In most states if you file bankruptcy the difference will get washed away. The person that had the business bk, that is completely separate, you can still file a personal.

As for the guy who sold a property to a family member, if you [b:42ebbfd4fc]properly recorded the mortgage[/b:42ebbfd4fc] yes you can sue both of them (assuming they both were on the note)[u:42ebbfd4fc][b:42ebbfd4fc][/b:42ebbfd4fc]. [/u:42ebbfd4fc]

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Can a bank that foreclosed the 80 part of the mortgage come after you
years down the road when they sold the house for under market value?
Can they take new property from you?

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smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Cinda!

Welcome to forums!

If the Statute of Limitations is over, then the lender won't be able to legally sue you for the debts. They won't be able to place a lien on your new property even.

Feel free to ask if you've further queries.

Sussane

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hello,

I 'm wondering with good intentions . Can I get a second mortgage,to pay late payments, when I am in default on My first.?

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Niicss's picture
Niicss | Joined: October 3, 2005 11:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

If you've defaulted on your first mortgage, then the lenders won't be ready to give you a second loan. Moreover, I guess, you don't have equity in your property. If you don't have equity in your property, you won't qualify for a second mortgage.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

i did a short sale on my property back in Feb. first was satisfied and second Bof A was the second they are now calling me daily to make payment arrangements... i have very little money and no other debt is it worth going bankrupt over this ? can they garnish your wages? will it go away after a certain point :(

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smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi mellin!

Welcome to forums!

The second mortgage lender has the rights to sue you for the balance amount resulting from the property sale. You're liable for paying it off. Rather than [url=http://www.mortgagefit.com/know-how/filebankruptcy.html]filing bankruptcy[/url], it would be better if you could let the lender know about your financial situation and negotiate for an affordable payment plan. If you do not pay the dues, the lender can file a lawsuit against you and get a judgment to garnish your wages.

Feel free to ask if you've further queries.

Sussane

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

i live in minnesota i haven't payed a house payment for 6 months , my wife is disabled and i can't afford my payments, the bank wont help me what can i exspect to happen to us,,,hi refied 3 times to try to keep up can they sue me

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smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Guest!

Welcome to forums!

As the payments have not been made, the lender has the rights to foreclose the property in order to recover the dues. After foreclosure, you'll be liable for paying the deficient balance resulting from the sale. If you're unable to pay off the balance, then the lender can sue you in court and place a lien on any other property that you own.

Feel free to ask if you've further queries.

Sussane

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My husband and I had a home in Vacaville. We refinanced and the loan isonly in my husbands name. Almost 3 years ago we had to walk away as I was transferred through work to San Jose. WE were not allowed to rent the house and the house was upside down. We have not been approached by the first but got a summons from an attorney on the second. They did not serve my husband. They left it at the house with someone else. Any advice? :?:

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smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Mariadaluz!

Welcome to forums!

The second lender has the rights to recover his dues from you. He will not forgive your [url=http://www.mortgagefit.com/second-mortgage.html]second mortgage[/url]. You will have to give a reply to the summons and try to pay off the dues. If you don't do so, the lender will charge off the mortgage which will have a negative affect on your credit report and reduce your scores.

Feel free to ask if you've further queries.

Sussane

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