Posted on: 30th Mar, 2010 02:01 pm
I had two loans with Countrywide. BofA took over and kept the 1st mortgate and sold the HELOC to Real time solutions. I have not made a payment in 10 months. The house is up for sale to the court in a week.
Is real time going to get any money from the sale? Will they sue me personally to get paid? What if my name is on a deed on a different property? is that property at risk?
Is real time going to get any money from the sale? Will they sue me personally to get paid? What if my name is on a deed on a different property? is that property at risk?
Welcome Guest,
The sale of the property will first satisfy the dues of the first mortgage lender. If there is an excess amount resulting from the sale of the property, then that will go towards the second loan. If you do not satisfy the second loan, then they have the rights to sue you for the dues. The second lender can place liens on your other properties if you are unable to satisfy their dues.
The sale of the property will first satisfy the dues of the first mortgage lender. If there is an excess amount resulting from the sale of the property, then that will go towards the second loan. If you do not satisfy the second loan, then they have the rights to sue you for the dues. The second lender can place liens on your other properties if you are unable to satisfy their dues.