My home foreclosed but I still gain a monthly bill from my 2nd mortgage what should I do?
They are stil lasking for the full amount of the 2nd loan and it shows up on my credit report. The house has already been foreclosed and auctioned. Do I hold to pay this debt?
Answers:
like you should have done from the exceptionally beginning, you need to make conversation with a lawyer.
Yes you do. The second mortgage is also call a second lien position or junior position. The primary mortgage has first rights to the property. If the house is auctioned off and the cost dosent cover the first, consequently you are responsible for the difference. The only way out of it will be a ruin.
If the loan was used to purchase your residence it might or might not still be due after foreclosure depending upon the law in your state.
If you got the 2nd loan after purchase or it be not your primary residence, it very likely is still due if the auction did not cover it. If that is to say the case, the only path out of it other than paying it may be bankruptcy, unless you can work out a settlement.
It would seem that the type of second loan you had, allows the lien holder to hold your intuitively liable for the debt; if so then yes the debt is valid and they can collect
Consult with an expert to see what option are available
You need to talk to a ruin attorney. I used to work with one and we dealt next to issues like this all the time. Bankruptcy might be the single way out of this.
Don't let that word alarm you off though. It is as bad as citizens make it out to be. We all entail help sometime, and today, now more so later ever.
I've seen so many clients come contained by downtrodden and broken, and walk out seeing a light at the lapse of the tunnel. Source(s): http://www.jacksonvillebankruptcy.com/
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First time home buyer - mortgage give somebody the third degree?
I found a house I like but it needs some work done contained by the kitchen. I was wondering if, when I apply for the purchase loan, am I allowed to add contained by the estimated cost of the repairs to the amount...
Answers:
like you should have done from the exceptionally beginning, you need to make conversation with a lawyer.
Yes you do. The second mortgage is also call a second lien position or junior position. The primary mortgage has first rights to the property. If the house is auctioned off and the cost dosent cover the first, consequently you are responsible for the difference. The only way out of it will be a ruin.
If the loan was used to purchase your residence it might or might not still be due after foreclosure depending upon the law in your state.
If you got the 2nd loan after purchase or it be not your primary residence, it very likely is still due if the auction did not cover it. If that is to say the case, the only path out of it other than paying it may be bankruptcy, unless you can work out a settlement.
It would seem that the type of second loan you had, allows the lien holder to hold your intuitively liable for the debt; if so then yes the debt is valid and they can collect
Consult with an expert to see what option are available
You need to talk to a ruin attorney. I used to work with one and we dealt next to issues like this all the time. Bankruptcy might be the single way out of this.
Don't let that word alarm you off though. It is as bad as citizens make it out to be. We all entail help sometime, and today, now more so later ever.
I've seen so many clients come contained by downtrodden and broken, and walk out seeing a light at the lapse of the tunnel. Source(s): http://www.jacksonvillebankruptcy.com/
Related Questions:
First time home buyer - mortgage give somebody the third degree?
I found a house I like but it needs some work done contained by the kitchen. I was wondering if, when I apply for the purchase loan, am I allowed to add contained by the estimated cost of the repairs to the amount...