Am i responsible for the 2ND mortgage?

Posted by admin on June 28th, 2010 and filed under show me realestate | 2 Comments »

I had a townhome that went into foreclosure 13 months ago. the 1st loan is showing closed but with the balance as the bank has not sold the house yet. but the 2nd loan is open and active and 180 days late (the loan was bought by a different bank). the balance on that is near 24k, i called the loan comp and they said to write a letter and offer to settle for $1000 with in 30 days and they would consider it. I thought that if the $ from the house didnt cover the the 2nd the it was written off. What do i do! ? Thanks for your advice! also know of a good realestate lawyer that gives free consultations? Im in Colorado.

check with any title company. IN AZ,
but not all states, when a house goes into

foreclosure, the 2nd has to pay off the first
and it becomes the first.

Check with a local RE office broker to confirm this. Ask to speak to their broker
and not an agent.

so, you and I are on the same page.

2 Responses

  1. kemperk Says:

    check with any title company. IN AZ,
    but not all states, when a house goes into

    foreclosure, the 2nd has to pay off the first
    and it becomes the first.

    Check with a local RE office broker to confirm this. Ask to speak to their broker
    and not an agent.

    so, you and I are on the same page.
    References :
    AZ RE broker

  2. The Wizard. Says:

    Why are you not asking the real estate guy if he gives free consultations?
    References :

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