Posted on: 09th Oct, 2010 04:02 pm
I made a payment arrangment with a dedt lawyer, not knowing that they had put leins on my house. Now, due to being off from work because of medical problems it has lead to severe finicial problems. I agreed to a deed/leiu with my mortgage company ( that's when I found out about the leins ). My mortgage company stated that they can not do a deed/leiu till the leins are taken off. In the meantime, I can no longer afford my home and the house will go into forclosure. So, I guess my question is what happens next when the house is forclosed?
Hi TISGRIGG,
Once the house is foreclosed the lender will be able to recover as much dues as possible. However, the lien holder will come after you in order to get back his dues and you'll also have to pay off the deficient amount resulting from the sale of the property to the first lender.
Thanks,
Jerry
Once the house is foreclosed the lender will be able to recover as much dues as possible. However, the lien holder will come after you in order to get back his dues and you'll also have to pay off the deficient amount resulting from the sale of the property to the first lender.
Thanks,
Jerry