Posted on: 15th Dec, 2009 02:49 pm
We have a 80/20 home with Chase,house(in CA) underwater lost about K200 in value. This month we got a letter from some trustees co. informing us that the have started the foreclosure proceedings for the property. I called Chase to find out why there was only one loan number mentioned in the paperworks. They told us that the 2nd loan is considered a non secured loan since the house is worth less than the original loan even though it was used to purchase the house. And they intend to collect the debts even after foreclosure. Is this true? That's crazy...I already lost my house and I still need to pay this b*st*rds 90K?!!!!! WOW!
Please response.
Please response.
if the house is sold and there are insufficient funds to satisfy the debts then yes, you will be held liable for the shortfall. Jut because your house has dropped in value doesn't mean that your obligations under the mortgage are any less.
You might want to look at a Ch7 bankruptcy, as this will expunge your debts I believe and it sounds like you're going to lose the house anyway.
You might want to look at a Ch7 bankruptcy, as this will expunge your debts I believe and it sounds like you're going to lose the house anyway.
Hi BK,
I have answered your query on the folowing page:
http://www.mortgagefit.com/foreclosure/secondloan-debt.html#139632 .
If you have further questions, feel free to post.
I have answered your query on the folowing page:
http://www.mortgagefit.com/foreclosure/secondloan-debt.html#139632 .
If you have further questions, feel free to post.