Posted on: 27th Mar, 2010 09:47 am
here is my situation. i have a first with one bank of american for $165,000 and a second mortgage with chase for $96,000. the first is a 30 year fixed conventional, and the first is a second (like a piggyback) that was originally a line of credit with wamu, but was refinanced into a fixed mortgage. we are considering foreclosure (i know i know), but i am afraid that chase will come after me for the second once the home is auctioned off and boa is paid for the first. the home is probably only worth $140,000 (its a townhome). by the way, i live in california, as i know every state's laws are different. any advice and help with this would be appreciated. thank you!
The second mortgage will drop off the property at the foreclosure auction, but you are still liable on the debt.