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Old 10-28-2009, 03:47 PM
92 posts, read 305,331 times
Reputation: 83


Originally Posted by Mercury Cougar View Post
You spent the money, pay it back.
You're so quick to judge. You don't know why that persons house was foreclosed. She's here asking a question, if you don't have any relative input don't respond.

Kjirsten- I have heard that they can collect on a 2nd mortgage in a recourse state but I'm not sure about a non-recourse, I would recommend talking to your county CDA. Their services are free and they are more knowledgable about the laws in your state. As some of the other posters have said if its coming from a collection agency there's a chance that you can get the amount reduced. Whatever you do, don't ignore it b/c you don't want to have your wages garnished. I wish you the best of luck.
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Old 10-28-2009, 04:53 PM
Location: Sacramento
2,568 posts, read 5,851,681 times
Reputation: 1905
Originally Posted by Kjirsten View Post
The 2nd mortgage was taken out for improvements long after the original loan.
I think that recourse vs non-recourse does not apply in your case because the second mortgage was not part of the purchase.

Originally Posted by Kjirsten View Post
I guess I have two questions: Do I have to pay this 2nd mortgage and if so, if I file bankruptcy, will they take my truck?
I don't think they can take your truck but I am not sure about garnishing your wages if they get a judgment against you. You better talk to a lawyer.
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Old 10-30-2009, 11:57 AM
Location: Oxygen Ln. AZ
9,321 posts, read 16,167,873 times
Reputation: 5685
Make little good faith payments and you will get through it in time. I do believe they will work a payment schedule out for you. If you are employed they may garnish your wages and that could be an embarrasement to you at work.
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Old 11-03-2009, 12:40 PM
2 posts, read 7,957 times
Reputation: 11
Thank you for the help everyone. In case someone else has a similar question- they have offered to reduce the amount to 30% of the total, which I can afford when I get my tax returns. Originally they did not accept my offer for a monthly good faith payment, but when I suggested that I would file bankruptcy, they changed their minds. I will now have a low monthly payment until I can file my tax returns and pay the reduced amount. FYI...
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Old 11-03-2009, 03:34 PM
Location: New York
2,251 posts, read 4,175,342 times
Reputation: 1607
Originally Posted by barbh12 View Post
I had my 1st mortgage foreclose on my house in early 2007. It was purchased by the Bank for $92000 on 3/20/2008, which is what was owed on it for the 1st mortgage.

I received a 1098 Mortgage interest statement for 2007 from the 2nd mortgage, but don't know why, because I never paid them anything in 2007.
I'm working on that right now to see why.

Then on 9/23/2008 it was sold again to a private person for $103000.

Now today, I receive in the mail a letter stating that the 2nd mortgage is now about $30,000, (it was only $10,000 when the forecloser took place) and if I don't pay it, they will garnish my wages.

Can they do this? I thought everything was taken care of in the forecloser. I have been looking for a 1099C, because there would have been a cancellation of debt, but not a collection notice.

What course of action should I take now? I can't afford to pay this debt that is why it went to foreclosure. Please help me.


You are a perfect example of a Deficiency Judgment case. Everyday I talk people out of foreclosures for exactly whats happening to you now....

If I could frame you, I'd hang you up in my office.

When a person lets a foreclosure takes it's course, the credit takes a nose drive 200 to 400 points. It can be listed on the credit report for up to 10 years.

Putting Punn aside - the only thing you can do is speak to a bankruptcy attorney.

If you do not get any legal representation, they can/will get a court order judgment and it will be up to the judge on what they can get out of you. Worst case a Sheriff can come to your place of residence to confiscate property and action it off to satisfy the debt.


Last edited by Modification Specialist; 11-03-2009 at 03:50 PM..
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