Posted on: 17th Feb, 2011 01:19 pm
When you have a foreclosure is the second mortg. Included.... I have a foreclosure and on my credit report my first mortg. is $0 balance (Foreclosure) but my second mortg. is 25K pass due.... shouldn't this be all in one? Zero for both...
Not if they are separate banks
if the second did not get paid when they sold the home you could still be liable for that amount.
At foreclosure they sell the house and then pay off liens in the order they are recorded - First loan gets paid - if there is money left the second loan gets paid - if there is money left after that you would get the rest. You shoudl consult a RE Atty in your state - there are different rules in every state regarding liability - and whether or not the bank can come after you for the debt.
B
if the second did not get paid when they sold the home you could still be liable for that amount.
At foreclosure they sell the house and then pay off liens in the order they are recorded - First loan gets paid - if there is money left the second loan gets paid - if there is money left after that you would get the rest. You shoudl consult a RE Atty in your state - there are different rules in every state regarding liability - and whether or not the bank can come after you for the debt.
B