Need Advice: What happens to the second mortgage after the home is foreclosed. Does the 2nd mortgage disappear
Monday, July 13th, 2009
alvin asked:
Unfortunately my home was foreclosed and I tought, the 1st and 2nd mortgage disappears and the procces will ended. But suddenly I started receiving calls from the bank lender of the 2nd mortgage. They said I still owed them even if the home was foreclosed and if I didn’t pay them, they will reported to the IRS, so they can charge it off on my paycheck. It’s that true. Need some advice. Thank You!!
Unfortunately my home was foreclosed and I tought, the 1st and 2nd mortgage disappears and the procces will ended. But suddenly I started receiving calls from the bank lender of the 2nd mortgage. They said I still owed them even if the home was foreclosed and if I didn’t pay them, they will reported to the IRS, so they can charge it off on my paycheck. It’s that true. Need some advice. Thank You!!
(I had a 80/20 loan with two different bank lenders)
Oceanside, California
Donald
