Do I have to payback a 2nd mortgage on a home that was foreclosed on?

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Do I have to payback a 2nd mortgage on a home that was foreclosed on?

My home was foreclosed on 3 years ago. I had 2 mortgages; 1 was paid off after the foreclosure. I was left with a $49,000 second mortgage. They still want me to pay the $563 a month for 30 years at a 13.55% interest rate on a home that I moved out of over 4 years ago. I need to know if I really have to pay this back.

Asked on September 30, 2011 under Real Estate Law, Florida

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

Whether you are obligated to pay on the second trust deed on your foreclosed home depends upon whether or not the second mortgage is "purchase money," meaning, was the loan secured by the second mortgage used to acquire your home and if so, was this home your primary residence?

If the answer to both of these questions is "yes," you need to determine if Florida has anti-deficiency legislation on purchase money loans. If it does, then you would not be obligated to pay on the second mortgage post foreclosure by the first.

I suggest you consult with an experienced real estate attorney on the subject to determine if Florida has anti-deficiency legislation concerning purchase money loans.

Good luck.


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