Foreclosures And Second Mortgages
What happens when you foreclose on a house and have a second mortgage as well? I live in washington state, can they garnish my wages or if i owe money would it be like alot?
Me and my wife are going through a divorce and she is moving out, im stuck with the house. im going to try to sell quick to a investor, but my question is after i sell, i will still be stuck with a second mortgage. Will I still be responsible for the mortgage. I wont be able to pay it so can anyone offer alternatives. Maybe bankrupty or something?
The 2nd mortgage stays with the house, not with you. If you sell the house for less than the amount to pay off your 2nd mortage then the investor more than likely not but your house.
Call you lender who owns the 2nd mortgage. If they know that you are in foreclosure they will discount your note. Sometimes more than 50%.