Posted on: 28th Jan, 2011 06:31 pm
i have a first mortgage and an equity line of credit which is secured against my home the house is worth less than my both mortgages. i can't take it any more. will i have to pay off the second mortgage if i still owed 25,000 after selling.
thank you,
rusty
thank you,
rusty
Hi Guest,
Though the house is worth less than what you owe, you will have to pay off the second mortgage. If you don't pay off the dues, then the second lender may even charge off and assign the account to a collection agency.
Though the house is worth less than what you owe, you will have to pay off the second mortgage. If you don't pay off the dues, then the second lender may even charge off and assign the account to a collection agency.