1. Free Legal Help, Legal Forms and Lawyers. TheLaw.com has been providing free legal assistance online since 1995. Our most popular destinations for legal help are below. It only takes a minute to join our legal community!

    Dismiss Notice

Foreclosures on a condo with a 1st and 2nd mortgage

Discussion in 'Foreclosure, Repossession, Auctions, Short Sales' started by kb1983, Jan 12, 2009.

Thread Status:
Not open for further replies.
  1. kb1983

    kb1983 Law Topic Starter New Member

    Messages:
    1
    Likes Received:
    0
    Trophy Points:
    0
    I have a condo in California currently valued at 105k - we have a first mortgage with a bal of 200k and second with a bal of 65k. I can not afford the mortgage payments and the home owner associate fees any longer and I am very confused if I foreclose can I get sued by any of the lenders? a couple unit in my complex are currently up for auction and a few failed to sell at short sales. Can I get sued by the lender of my second mortgage? And if so, can I file for bankruptcy on that? Thanks for any advice.
     
  2. Gavin_Tatum

    Gavin_Tatum New Member

    Messages:
    2
    Likes Received:
    0
    Trophy Points:
    0
    2nd Mortgage Foreclosure Options

    2nd mortgages can't foreclosure on a property, only the greatest lean holder has the right to foreclosure, which is typically the 1st. In non-judicial foreclosure states they cant even come after for monies owed. If the value of the home is worth less than whats owed on the 2nd mortgage then you may be able to negotiate a payoff of the 2nd mortgage at around 10 cents on the dollar.

    For more information and for a free consultation please contact us at 800.738.1170, Law Offices of Marc R. Tow, Loan Modification Department, cdloanmod . com
     
  3. Gavin_Tatum

    Gavin_Tatum New Member

    Messages:
    2
    Likes Received:
    0
    Trophy Points:
    0
    Foreclosure Options

    California lenders typically go through non-judicial foreclosure, meaning they don't file a judgment against you for the negative balance when the home is sold at foreclosure.

    You have many options other than foreclosure :), do you want to keep your home? have you looked into getting a loan modification? or you may be able to quick short sale your home to an investor.

    If you are interested in getting more details please call us for a free consultation. 800.738.1170, Law Offices of Marc R. Tow, Loan Modification Department, cdloanmod . com
     

Share This Page

Thread Status:
Not open for further replies.