Foreclosure Qustion dealing with a 2nd mtg - Posted by Julie

import · January 31, 2008, 12:36pm

Posted by William Bronchick on February 05, 2008 at 11:39:24:

Generally speaking, the answer is “yes”, they can, but most mortgage companies won’t bother. The only exception is whether your state has an “anti-deficiency” law.

import · January 31, 2008, 12:36pm

Posted by Julie on January 31, 2008 at 13:36:26:

My husband had a real estate company in Iowa a few years ago that got a line of credit against our home. It was a 2nd mortgage.

Well about a year ago we lost our home to foreclosure and the business went under.
The 2nd mortgage holder never bought out the 1st mortgage because they said the they would lose money because the house was worth a little less then the first mortgage was for. The first mortage did a type of foreclosure where they cannot come after us.

My question is, Can the 2nd mortgage holder come after us since they didnt buy out the first mortgage?

I ask because the 2nd mortgage was for a little over 90k.

thanks,

Julie