I am going through a foreclosure on my first mortgage, what are my options near dealing with the second mortgage? Any lawful websites with guides for dealing beside the aftermath of foreclosure would also be appreciated.
Answers: If and when the bank sell your house, the amount of the sale will be applied as follows:
First, the costs of repossession, foreclosure and the public sale will be paid.
Second, money will be applied to your outstanding be a foil for
Third, any other lienholders (2nd mortgage) will get money.
In this souk, the bank is going to be lucky to trade the house for enough money to recompense the fees let alone the first mortgage.
So, what will surface is that the 2nd mortgage holder will want you to pay and they markedly well could sue you and garnishing your wages to get remunerated.
Good luck.
Gem deserves best answer on this one she laid it on the table outright. i don't typically hear of the 2nd mortgage suing unless their private money but theyre entitled to sue. Hope I helped.
"Email me at jdawson(a)gracefunding.org perchance I can help!"
They are not foreclosing and necessitate to be repaid if the first does not have the money to reward them too after the foreclosure. read this article. It should explain http://www.washingtonpost.com/wp-dyn/con...
You can continue to repay on the 2nd mortgage.
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Answers: If and when the bank sell your house, the amount of the sale will be applied as follows:
First, the costs of repossession, foreclosure and the public sale will be paid.
Second, money will be applied to your outstanding be a foil for
Third, any other lienholders (2nd mortgage) will get money.
In this souk, the bank is going to be lucky to trade the house for enough money to recompense the fees let alone the first mortgage.
So, what will surface is that the 2nd mortgage holder will want you to pay and they markedly well could sue you and garnishing your wages to get remunerated.
Good luck.
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Gem deserves best answer on this one she laid it on the table outright. i don't typically hear of the 2nd mortgage suing unless their private money but theyre entitled to sue. Hope I helped.
"Email me at jdawson(a)gracefunding.org perchance I can help!"
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They are not foreclosing and necessitate to be repaid if the first does not have the money to reward them too after the foreclosure. read this article. It should explain http://www.washingtonpost.com/wp-dyn/con...
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You can continue to repay on the 2nd mortgage.
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