Posted on: 04th Oct, 2009 09:48 am
We are foreclosing our home. We also have a 2nd mortgage with countrywide. What will happen to our 2nd mortgage? Do we need to pay the 2nd mortgage even if our home has been foreclosed?
Thanks.
Giselle
Thanks.
Giselle
once the foreclosure process is coemplte, the first lender will sell the house and probably will give somemoney to the seocnd lender
But the secodn lender may coem after you for the deficient amount depnding on which state you live in
But the secodn lender may coem after you for the deficient amount depnding on which state you live in
Pl go through http://www.mortgagefit.com/discuss/homeforeclosed-affectsecondloan.html
To summarise, you have to pay 2nd mortgage
To summarise, you have to pay 2nd mortgage
to giselle,
you need to pay off the second mortgage, if the proceeds from the foreclosure sale is not enough to pay it off. in case the second mortgage is not paid off, the lender can sue you for non-payment and get a judgment against you. was the foreclosure a judicial one? in case it was non-judicial, chances are less that your lender will get a judgment against you.
you need to pay off the second mortgage, if the proceeds from the foreclosure sale is not enough to pay it off. in case the second mortgage is not paid off, the lender can sue you for non-payment and get a judgment against you. was the foreclosure a judicial one? in case it was non-judicial, chances are less that your lender will get a judgment against you.