Hello, I went through foreclosure over 4 years ago, but had a second mortgage on the home..All of the proceeds from the foreclosure sale went to the first mortgage.. The second sent the balance to a collection agency, and I was stuck still making payments on a home I no longer have..Is there anyway out of this?
Rudi Hofmann (CaPortfolioLoans)
#281 ranked lender in California - 380 contributions
I don't know the laws in your state. In California if the 2nd was a purchase money 2nd, not a cash-out or HELOC, they do not have recourse. I suggest you contact an attorney or Legal Aid to see if there is anything that can be done to help you in this matter.Best Wishes, Rudi
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