Posted on: 29th Oct, 2012 08:26 pm
If I foreclose on a mortgage that i also have two equity loans attached and a second individual private lender and I can't pay any of them will the foreclosure get rid of all of them?? its new york state.
Hi audreycar!
Welcome to forums!
A foreclosure will help you get rid of the property. The sale price will help you pay off one or two loans. The other lenders can come after you in order to recover the deficient balance from you.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
A foreclosure will help you get rid of the property. The sale price will help you pay off one or two loans. The other lenders can come after you in order to recover the deficient balance from you.
Feel free to ask if you've further queries.
Sussane
Hi audreycar,
I agree with Sussane. The foreclosure may not help you in getting rid of all the loans. You will have to pay those lenders whose loans don't get recovered through foreclosure.
Thanks
I agree with Sussane. The foreclosure may not help you in getting rid of all the loans. You will have to pay those lenders whose loans don't get recovered through foreclosure.
Thanks
Hi audreycar,
Foreclosure won't help you in repaying all the loans. You have to look for other options to repay remaining balance to the other lenders.
Foreclosure won't help you in repaying all the loans. You have to look for other options to repay remaining balance to the other lenders.
