Ask Experts Questions for FREE Help !
Ask
    ihaveaquestion1's Avatar
    ihaveaquestion1 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Nov 7, 2009, 06:06 PM
    Second mortgage
    Our home has been auctioned off because of foreclosure this past August 29th ,2009. We currently still have a second mortgage for $11,000 that we have been paying on time. My question is do we still need to keep paying this second mortgage loan even though we no longer have our home.

    Any help would be greatly appreciated.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
    Expert
    		  
    #2

    Nov 7, 2009, 07:32 PM

    HUMMMMM

    Foreclosure first pays first mortgage, at sale and if any money left pays on second.

    You keep paying ? You need to run to a real estate attorney, take all of your mortgage paper work and find out what you have just done by continue to pay.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Mortgage broker vs. Mortgage Lender [ 3 Answers ]

What are the pro's and con's of using either a mortgage broker or going directly to the mortgage lender?

Refinanced through mortgage lender who never paid off original mortgage company [ 1 Answers ]

I signed closing papers on June 11 with funding to occur on June 16 for the refinance of my home more than 45 days ago. To date (July 31), my original mortgagor has not received the pay-off from the company with whom I refinanced. Since the papers were signed, two payments have become due (and...

CT mortgage holder vs mortgage owner [ 1 Answers ]

We live in Connecticut. My male friend and I find ourselves in the process of foreclosure on a home we used to live in. I moved out 1.5 years ago and he moved out a month ago. There were "family circumstances" that couldn't be worked out when I left. We can't afford an attorney so we are...

Mortgage payment.Mortgage told me one thing amount and then it was another. [ 1 Answers ]

Okay. I had a mortgage loan modification. Had an agreement with my loan company to make a paymnet of about five thousand dollars.Then I received a letter that instead of the five thousand that covered the months of October and November it was two thousand dollars and one of about two hundred and...

36 hours before I close mortgage company refuses to give mortgage? [ 5 Answers ]

I secured a deal for a home with the owner and got a signed contract a month ago. For sale by owner deal. Secured financing at 95%, with 5 % down. Did financing through a broker, and got a locked in deal with countrywide over 3 weeks ago. All is well, appraised for 100K over what I have...

View more questions Search