Foreclosure on Home - First Mortgage settled, Second in Limbo? (loan, credit) - Mortgages -Lenders, loans, financing, rates, foreclosures, short-sales, brokers, credit score, deed, lien, refinancing, borrowers - City-Data Forum

Pastor Tax Girl · 02-28-2009, 08:14 PM

Here is a scenario, please respond.
The foreclosure auction is complete, the first mortgagee asserts no further claim.
The second mortgage holder is trying to pursue their interest by sending the loan to collections.

What is the borrower obligated to pay at this point? Should they pay the amount the collections firm is requesting? Should the borrower wait for a legal judgment, such as a deficiency judgment? The property in question is in IL, if that helps.

thanks

Pastor Tax Girl · 03-03-2009, 02:53 PM

Quote:

Originally Posted by BrokenCreditDotCom

the FDCPA would apply. You also have Section 6 of the RESPA for a year

what are these??