Jump to content

Collection for Second Mortgage


Recommended Posts

As far as second mortgages go, after a home goes through foreclosure.

I understand that the bank can come after you for the debt owed on the second mortgage. In my case if they did, it would be a little over $80,000.

My question is about settling. How often do banks sue the homeowners for balances owed on second mortgages? My amount being so high, they certainly might consider it. But since I can just go down and file BK, arent they really just wasting their time?

If they do file, and I didnt want to file BK, how low would they go? How low would a CA go if it was sold to them.

Simple statement, You say I owe $80,000. I will give you a check for $4,000 as payment in full. Take it or leave it and Ill file BK!

Link to comment
Share on other sites

This topic is now closed to further replies.

  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.. For more information, please see our Privacy Policy and Terms of Use.