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I bought a home with an 80/20 loan, I used a 2nd mortgage as a down payment. If I go into foreclosure can I be sued for the 2nd mortgage? I heard that since I took it out to buy the house I can not be sued for it by the bank. I live in California. Also what can I be sued for?
Leroy
See a Real Estate Attorney for this answer.
At this time they are not going after the 2nds taken on a home purchase in California.
www.foreclosure-help-book.com; Second mortgage lender does have a right to foreclosure on your home, learn how to stop there in this video.
Duration : 0:1:26
Home has $16,000 in negative equity regarding the 1st mortgage which we have current. Where does that leave our 2nd mortgage which is not current due to loss of job?
Totally in the negative—no equity.
A 2nd mortgage is subordinant to the first.
Doesn’t matter why it is not current, it is, and it will affect your credit. If they go to foreclose on it, then your first lender may take action.
Go to HUD approved credit counselor to learn your options. Talk with lender about loan modification, loan forbearance, and the new Obama Help for Home owners program. Keep calling and speak with more than one person at lender.
I’m done making videos about fools for right now.
Mash here in 2 places.
Link here to 2nd Mortgage Bailout Fiasco:
http://www.washingtonpost.com/wp-dyn/content/article/2009/04/28/AR2009042801766.html?nav=rss_business
Link here to info on Trabant (not a definitive source, but a good start):
http://en.wikipedia.org/wiki/Trabant
“…All of this is just the tip of the iceberg. My sister-in-law just got her layoff notice today. She works for an aircraft company. We have Biden using Swine Flu to scare people from flying and a few months agao, we had the government villainizing CEO’s for flying their private jets to ask for bailouts. The CEO of Hawker Beechcraft said this negativity by the Obama Administration was hurting their sales. Businessses weren’t buying planes, including those not asking for bailouts, because of the negative attachment in our current political climate given to companies owning a private jet by Obama and members of congress. Obama is also making cuts in defense spending. This hurts sales in the aircraft industry at all levels. Do we see a future for Aerospace like we did for our once mighty auto manufacturers. Will they be forced into bankruptcy because of things our Democrat-controlled government is doing? We will see. Obama has set a dangerous political tone in this country and is exploiting the current economic and unemployment situation to expand government. They have created an atmosphere of fear and derision against business. They are still blaming the previous administration for their failures and exploiting things like Swine Flu for political points as well.
And you know what really takes the cake is this. Do you all remember this mortgage foreclosure prevention plan? This was the plan that was introduced to curtail foreclosures on homes by refinancing with government guarantees Basically, we were bailing out primary mortgages for people that defaulted. Many of these people lived above their means and bought more house than they could afford. Well, Obama’s administration has extended this plan to second mortgages. You know, we were already bailing out banks and auto companies, the government guaranteeing waranties, so it only stands to reason that we’re now bailing out people Jet Ski’s, Cancun Cruises and Botox Injections. So the people that used their house like a credit card get a break that you and I, the responsible will now have to pay for.
He throws his derision towards the tea parties, the state media continues to make vulgar teabagging jokes when referring to you…”
Duration : 0:5:51
2nd mortgage relieved in bankruptcy & home is now in foreclosure with 1st mortgage bank. If someone buys the property, will they have to pay the 2nd mortgage or is it gone because it was part of the bankruptcy? BTW, the property is in Michigan.
who ever buys the property isn’t buying the debt. they just buy the property. the debt has to be dealt with prior to the sale. bankruptcy can sometimes wipe out a line of credit or second mortgage look at the bankruptcy discharge paperwork to be sure. good luck
This weeks Preforeclosure “Tip of the Week” is about the proper timing of when you should submit your 1st mortgage short sale package and when you should submit your 2nd mortgage short sale package on a property that has two loans and much much more.
Duration : 0:8:24
If you owe more than what your house is worth and you have a second mortgage this video is you
Duration : 0:1:31
My 1st mortgagor foreclosed & did not pay any to my 2nd mortgage, do I have to continue to pay the 2nd? (State of Tx) Is the secondary mortgage now considered an unsecured loan? I don’t understand why I’m still obligated to pay the secondary if I don’t even own the home any more…. It’s 30k!
Typically, when the senior lien (first lien to be recorded w/county) is foreclosed upon, any junior liens (any liens recorded after) are wiped out. Contact a lawyer and they may be able to help you fix all this.
The latest changes from Wachovia and First Franklin and in particular what they both will allow a 2nd mortgage to “Net” when they take a discount on a short sale.
Duration : 0:5:2
