Foreclosure, say I owe $80k, need advice!

Date: Fri, 10/05/2007 - 18:05

Submitted by anonymous
on Fri, 10/05/2007 - 18:05

Posts: 202330 Credits: [Donate]

Total Replies: 2

I bought a house for $400,000 with an 80/20 and it was foreclosed on and only the first mortgage was paid off, the 2nd has been charged off but they say I still owe and they can put liens on me and such. I have no assets and am wandering if Chapter 7 BK is my only option or if I wait long enough will this nightmare just fade away? My credit is horrible now and I cant even rent an apartment and have to live with my parents. :cry:

Sorry to hear you are going through such a hard time Ti! You ca

Sorry to hear you are going through such a hard time Ti! You came to a great place for help. Someone will be along shortly to help you.

In my opinion (consider that I live in an apartment...), waiting for this to fade away isn't going to help any. But there's always an answer & someone will help guide you.

Did you ask for a consultation or call the hotline? Someone in that aspect could maybe help you too!

lrhall41

Submitted by lawn1016 on Fri, 10/05/2007 - 18:11

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So through the foreclosure, the 1st lien has been paid and the 2

So through the foreclosure, the 1st lien has been paid and the 2nd lien still exisits.

The 2nd now has no real property as security to the loan. When I worked in mortgage servicing, we frequently charged off 2nd on the 1st forclosure because we would see no $$ ever.

Depending on who held the 2nd mortgage, they may never come back for the $$ again.

lrhall41

Submitted by volleyballmom on Sun, 10/07/2007 - 16:54

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