Loans, Debt & Credit - View Single Post - Is it unlikely that a second mortgagee will foreclose?

sharon · 03-08-2008, 08:32 PM

Hi
My name is Sharon , I live in MA, and I am new to this site. I was reading a post that has me thinking....
I am currently behind on both my first and second mortgages. If I pay current with the first, but let the second slide, are you saying that most likely they will charge it off after 4 months and then I can file bankruptcy because of the balance and still keep, live in and own my home??
If the first takes me to foreclosure I think Ma does not allow a deficiency judgement. Does this mean that since I owe $78000 on my first, and $67000 on my second, and the value has dropped to less than $100000a foreclosure will allow me to leave all the debt behind?
Any advice on these issues is appreciated. Thanks

03-08-2008, 08:32 PM	#1 (permalink)
sharon Member Join Date: Mar 2008 Posts: 12 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Is it unlikely that a second mortgagee will foreclose? Hi My name is Sharon , I live in MA, and I am new to this site. I was reading a post that has me thinking.... I am currently behind on both my first and second mortgages. If I pay current with the first, but let the second slide, are you saying that most likely they will charge it off after 4 months and then I can file bankruptcy because of the balance and still keep, live in and own my home?? If the first takes me to foreclosure I think Ma does not allow a deficiency judgement. Does this mean that since I owe $78000 on my first, and $67000 on my second, and the value has dropped to less than $100000a foreclosure will allow me to leave all the debt behind? Any advice on these issues is appreciated. Thanks