Posted on: 26th Jan, 2010 07:38 pm
Hi,
I had a house with two loans 80/20. The first loan went into foreclosure, but the second loan did not. The bank did not file a deficiency judgement against me. Now the bank wants me to pay back the second loan. Do I have to pay that back? By the way, the house was located in New jersey. Can you tell me what should be the best course of action in this matter. thanks.
I had a house with two loans 80/20. The first loan went into foreclosure, but the second loan did not. The bank did not file a deficiency judgement against me. Now the bank wants me to pay back the second loan. Do I have to pay that back? By the way, the house was located in New jersey. Can you tell me what should be the best course of action in this matter. thanks.
Hi cuy,
The lender can ask you to pay off the loan as your property has gone through a foreclosure sale. In a foreclosure, the lender does not forgive the deficient amount. You may negotiate with your lender to lower the amount or to give you a payment plan to pay off the amount.
Thanks
The lender can ask you to pay off the loan as your property has gone through a foreclosure sale. In a foreclosure, the lender does not forgive the deficient amount. You may negotiate with your lender to lower the amount or to give you a payment plan to pay off the amount.
Thanks