Posted on: 18th Nov, 2010 10:15 am
If someone sold their house for 89k abd their 1st morgage is 57k and their 2nd mortgage is 19k which means that there is enough to pay off both mortgages. Is there any reason the 2nd mortgage wouldn't have been paid off when the house was sold? Are you still allowed to make payments on a 2nd mortgage if you no longer own the house? My mother sold her house about a month ago, the 1st mortgage was paid off but not the 2nd. Will she get into trouble for not telling them she sold the house?
I also thought that if the collateral was sold then you must had to pay the bank before you could receive any other money. I know that foreclosures work differently but this is a straight sale of the home. Can they allow you to make payments? The bank is the Credit Union which is her regular bank, can they withhold the money or do they just take her to court? How would you not know that the house was sold? With all the houses in foreclosure in our area, wouldn't they go after her for the money? Sorry for so many questions...
Hi tinkerbear,
Your query has been replied to in the given page:
http://www.mortgagefit.com/second/sale-house.html#191495
Take a look at it. Hope it helps you.
Your query has been replied to in the given page:
http://www.mortgagefit.com/second/sale-house.html#191495
Take a look at it. Hope it helps you.
yes, I saw that posting but it still doesn't answer all of my questions
hi tinkerbear,
if the second mortgage lender does not receive his payments on time, then he can take legal actions against your mother. if your mother has received the extra amount from the first lender, then she should contact the second lender and pay off the dues. thus, she won't remain liable for the money and the lender won't take any actions against her.
if the second mortgage lender does not receive his payments on time, then he can take legal actions against your mother. if your mother has received the extra amount from the first lender, then she should contact the second lender and pay off the dues. thus, she won't remain liable for the money and the lender won't take any actions against her.