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What do I do about my second mortgage that didn’t foreclose?
Question : What do I do about my second mortgage that didn’t foreclose?
Our home had two mortgages. It foreclosed a year ago, but the second mortgage is open. We believe that bankruptcy is the only way out of it but does anyone know any other way out of it? We don’t know any details of how much the first mortgage got for the home and why the second didn’t foreclose. By-the way, the home was in VA.
Thanks for your responses.
second mortgage
Best answer:
Answer by Expert Realtor
It would be nice if you posted whether or not your primay residence was sold or not….if it was and it didn’t cover the second mortgage then your only choices are bankruptcy or to pay it off.
If the home secured the debt, this should have been discharged in the foreclosure, as there is nothing to secure the debt at this time. Contact the lenders and ask what happened to these mortgages. I suspect the second was cleared, but there is a paperwork glitch somewhere.