paying on a second mortgage on home that has been foreclosed on 7 yrs ago?
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paying on a second mortgage on home that has been foreclosed on 7 yrs ago?
My home foreclosed on 7 yrs ago, out of good faith and harrasment from 2nd mortgage started paying on it, should i still be paying on this 2nd mortage?? on a home that was foreclosed on?
Asked on May 26, 2009 under Real Estate Law, Utah
Answers:
J.M.A., Member in Good Standing of the Connecticut Bar / FreeAdvice Contributing Attorney
Answered 14 years ago | Contributor
Usually, the 2nd mortgagor gets foreclosed out in a foreclosure, but the bank can still go after you for what is call a "deficiency" - the balance of what ws owed. I would have to see all the papers in connection with the forclosure to determine why you are in this situation. Did you have anyone help you in the foreclosure? While it is unforetunate, the bank maybe permitted to continue to seek payment despite the foreclosure. I suggest spending a few bucks to to hire a lawyer to determine whether the debt is still valid.
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