Posted on: 19th Oct, 2012 12:29 am
The foreclosure has been completed and I was out at the end of October. I figured it was time to check out the credit. In 2009, my credit score was 799 but now it is 681! I had a first with Aurora, second with EMC. Aurora shows closed, EMC shows it is open, reoccurring late? My attorney said they were non-recourse. My question is, is this common for the second to continue to show up? I have read that the first usually negotiates a small payoff to the second during/after the foreclosure, if this is true, would there be any way for me to find out if this settlement/payoff occurred? Thank you for any suggestions.
hi gallis,
the second mortgage lender has the rights to recover the debt. after foreclosure, the loan becomes non-recourse. the second lender can charge off the loan and assign it to a collection agency. till then the loan may remain open.
take care
the second mortgage lender has the rights to recover the debt. after foreclosure, the loan becomes non-recourse. the second lender can charge off the loan and assign it to a collection agency. till then the loan may remain open.
take care
Welcome gallis,
You can contact the second mortgage lender and check out if it has settled the debts or received any money from the first mortgage lender. Unless the second mortgage lender recovers the dues and releases the lien, it may keep account open in your credit report.
You can contact the second mortgage lender and check out if it has settled the debts or received any money from the first mortgage lender. Unless the second mortgage lender recovers the dues and releases the lien, it may keep account open in your credit report.