If I lose my home to foreclosure do I still own to income vertebrae second mortgage?
Answers:
Just contact an attorney (free consultation)
Because the second mortgagee is second within line to get rewarded they will probably buy out the first mortgage and become the primary lender. Then you will be in debt to one lender.
MC is a moron! If your home is foreclosed, and then sold for less than the amount of both liens, lender 2, and possible 1 if they be shorted too, can place the short sale amount on your credit for what was not salaried off. When you go to buy another house, the lender is going to see this and you WILL NOT QUALIFY. Those lenders would own the right to place a lien on any new property you purchased. Lenders do not take these risks anymore. Unless you can capture it in writing that any unpaid amount on both mortgages will be forgiven, you owe that money, no matter what. And if the unpaid amount is forgiven, you enjoy to pay taxes on it, as it is considered a gift Source(s): Used to be a mortgage loan processor.
You enjoy to pay back everything. Don't consent to it happen. Talk to the loan people and look for any alternative.
YOu have an agreement to 2 lenders (the 1st and 2nd). If you don't compensate either back, you owe the money to both...no issue who forecloses.
You can't just walk away. Please read this article: http://www.washingtonpost.com/wp-dyn/con…
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