Question about foreclosure and two mortages - Loan Modification Forum

wchamilton · 10-23-2008, 04:36 PM

I recently went through a modification with Coutrywide and have both of my mortgages (80% with Countrwide/20% with United Mortgage) current but one thing I've always wondered... if I hadn't gotten the modification and my house had been auctioned, what would have happened to the second? I'm still liable for that debt, but with the securing property gone, what happens?

... does that make sense?

Moe Bedard · 10-23-2008, 05:00 PM

It could become a collection and eventually if you didn't pay, after they have their fill of making your life miserable by hounding you............they would get a judgement against you personally which, depending on your states debt collection laws, could stay with you until you were to file a bk, or can even become a lien on any property if you were to buy again at a later date.......

10-23-2008, 04:36 PM	#1 (permalink)
wchamilton Senior Member Join Date: Aug 2008 Location: Chenango Forks, NY Posts: 59 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Question about foreclosure and two mortages I recently went through a modification with Coutrywide and have both of my mortgages (80% with Countrwide/20% with United Mortgage) current but one thing I've always wondered... if I hadn't gotten the modification and my house had been auctioned, what would have happened to the second? I'm still liable for that debt, but with the securing property gone, what happens? ... does that make sense? __________________ LOANSAFE.ORG SAVED MY HOME!!!

10-23-2008, 05:00 PM	#2 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,887 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Question about foreclosure and two mortages It could become a collection and eventually if you didn't pay, after they have their fill of making your life miserable by hounding you............they would get a judgement against you personally which, depending on your states debt collection laws, could stay with you until you were to file a bk, or can even become a lien on any property if you were to buy again at a later date....... __________________ Moe Bedard Founder LoanSafe.org "America's #1 Home Loan Forum" LoanWorkout.org "America's # Loan Modification Blog" Get My FREE Loan Modification E-Book \| Please donate to LoanSafe.org \| Loan Modification Training For Attorneys \| Rate Your Mortgage Servicer The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

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