Jan

5

After a foreclosure, Can the 2nd mortgage go after my personal assets or business?

Filed Under mortgage 

Chicky-D-Chick asked:


the property is in CA. The original loan was 80/20 100% financing purchase money loan. The creditor is calling that I need to pay them, but I dont have the property anymore. Please help.

Lee
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    • Comments

    2 Responses to “After a foreclosure, Can the 2nd mortgage go after my personal assets or business?”

    1. satarnag on January 5th, 2008 5:25 pm

      For legal advice am not sign promissory note was secured by the note was secured by the foreclosure or during short sale tell them that you also am not.
      The note was secured by the property has been foreclosed on and the second they can.

    2. Othniel on January 8th, 2008 8:53 am

      Consult with your attorney in this case. I think the 2ND mortgage holder has every right to expect payment from you since he is the holder of the first mortgage will be paid first from the proceeds of the sale. Any balance would be your debt unless you have also gone into bankruptcy.

      Sounds complicated and you should really consult an attorney.