which law covers a second mortgage loan after a foreclosure?
my home went through forclosure and was sold. I had a second loan on the house and the loan company sent it to a collection agency to try and collect. I believe there is a law that would prevent them from being able to collect on the second- I have not heard of no new law. If there was enough equity after it was sold, they need to pay the second mortgage. This would be something to check into
- it's called contract law. you took out a loan and signed an agreement to pay back the $. if you do not they can not foreclose on the home because you already lost that. the loan was "secured" by the home, which just shows the extent of the current mortgage disaster. all that stuff rolls downhill, affecting the entire economy
- Hi, I used "Credit Solution" to settle my debt and avoid foreclosure. They managed to reduce my debt up to 58%. It's legitimate. I came across this company on NBC News Special Edition. Check it out here: doiop.com / 543j44
- I am carefull not to get thrown off here while I try to help others wow But, Bush p ed legislation about negotiating a short pay and no tax applicable - that is not really your deal as you are n default. First, so what, it happens. Second, you have a deficiency judgment against you by the lender and they knonw that is not allowed. There is a legitimate and proven technicality the lenders do not want you to know about. Wake up America, These guys are predators and you do not see it! get me at msoliman@borrowerhotline.com
- IN most states, the law is simple; when the foreclosure sales comes up, and there are two notes on the property or even 3, 4 or however many, the junior lien holder must pay off the first mortgage to save his position or he loses all. The jr lien holder can, if the house sells for more than the first mort. , pe ion the court for the excess. The property owner is not liable for any loss to the 2nd lien holder. in all the states as far as I know than the first mortgage
- Nope, there isn't. The first can ALSO try to collect the difference between what the house sells for at auction, and the loan balance PLUS foreclosure fees. And there WILL be hefty foreclosure fees
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Knowledge Base: Second Mortgage Loan
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which law covers a second mortgage loan after a foreclosure?
my home went through forclosure and was sold. i had a second loan on the house and the loan company sent it to a collection agency to try and collect. i believe there is a law that would prevent them from being able to collect on the second. i have (second mortgage loan)
