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Second Mortgage |
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IF YOU HAVE A FIRST MORTGAGE AND YOU GOT A SECOND MORTGAGE AND NOW YOUR HOUSE IS IN FORCLOSURE,, DOES THE SECOND MORTGAGE GO INTO FORCLOSURE OR DO I HAVE TO PAY THAT. THANKS |
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The holder of the second mortgage might go to the foreclosure sale and bid more than enough to pay off the first mortgage. That might let you off the hook. But it isn't likely.
If they don't get their money, they may or may not be able to get a judgment against you -- state law differs on this, and even when they can, sometimes they don't bother. |
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Edith
Originally published on May 4, 2008 |
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