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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??

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

can a 2nd mortgage sue you if they did not file a deficiency judgement in oklahoma

Like | Dislike | Share | Posted: Sat, 04/28/2012 - 14:23 | Post subject:

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

Welcome Guest,

As far as I know, non-judicial foreclosures are also allowed in Oklahoma. So, I guess the lender can ask you for the deficient balance even though he hasn't filed any lawsuit.

Like | Dislike | Share | Posted: Mon, 04/30/2012 - 00:08 | Post subject:

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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.

Like | Dislike | Share | Posted: Mon, 09/15/2008 - 22:31 | Post subject:

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?

Like | Dislike | Share | Posted: Tue, 12/09/2008 - 08:33 | Post subject:

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

Like | Dislike | Share | Posted: Wed, 12/10/2008 - 20:55 | Post subject:

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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

Like | Dislike | Share | Posted: Tue, 01/06/2009 - 00:34 | Post subject:

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?

Like | Dislike | Share | Posted: Mon, 01/05/2009 - 17:06 | Post subject:

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?

Like | Dislike | Share | Posted: Mon, 02/02/2009 - 09:41 | Post subject:

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

Like | Dislike | Share | Posted: Tue, 02/10/2009 - 00:22 | Post subject:

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

Like | Dislike | Share | Posted: Tue, 02/10/2009 - 00:28 | Post subject:

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?

Like | Dislike | Share | Posted: Tue, 02/10/2009 - 00:48 | Post subject:

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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

Like | Dislike | Share | Posted: Wed, 02/11/2009 - 06:33 | Post subject:

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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?

Like | Dislike | Share | Posted: Mon, 02/23/2009 - 16:28 | Post subject:

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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.

Like | Dislike | Share | Posted: Tue, 02/24/2009 - 01:16 | Post subject:

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.

Like | Dislike | Share | Posted: Fri, 03/27/2009 - 01:29 | Post subject:

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

Like | Dislike | Share | Posted: Thu, 03/26/2009 - 15:33 | Post subject:

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?

Like | Dislike | Share | Posted: Tue, 05/12/2009 - 16:35 | Post subject:

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

Like | Dislike | Share | Posted: Thu, 05/14/2009 - 07:05 | Post subject:

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?

Like | Dislike | Share | Posted: Sat, 07/11/2009 - 15:42 | Post subject:

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.

Like | Dislike | Share | Posted: Tue, 07/14/2009 - 04:25 | Post subject:

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