1st mortgagor foreclosed & did not pay any to my 2nd mortgage, do I have to continue to pay the 2nd?

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My 1st mortgagor foreclosed & did not pay any to my 2nd mortgage, do I have to continue to pay the 2nd? (State of Tx) Is the secondary mortgage now considered an unsecured loan? I don’t understand why I’m still obligated to pay the secondary if I don’t even own the home any more…. It’s 30k!

  1. Reply
    May 16, 2011 at 5:04 am

    dont pay…. the second mortgage placed a lien on the property.. and since it is forclosed.. the owner which is the bank has to satisfy that lien to have clear title.. please think of what happined to get a second and then not have the funds to pay the mortgage… you may of ruined your chance to get another mortgage.. i would recommend saving.. and buy a reposesed faa or va property.. you can get thease for tencents on the dollar.. you will have to rebuild.. but this is the only way to advance. ok gilermo.

  2. Reply
    May 16, 2011 at 6:04 am

    Typically, when the senior lien (first lien to be recorded w/county) is foreclosed upon, any junior liens (any liens recorded after) are wiped out. Contact a lawyer and they may be able to help you fix all this.

  3. Reply
    May 16, 2011 at 6:16 am

    You are still obligated to pay both loans. If the first mortgage company sells the house for less than your mortgage you will be responsible for any difference. If you don’t you will ruin your credit. I suggest you contact a credit counseling service in your area. They can help you negotiate with the mortgage companies.

  4. Reply
    Gary Smith, RealtorĀ®
    May 16, 2011 at 6:35 am

    HUD Housing Couseling is available on the website below.

    I would agree, first check all the paperwork you received to verify the second was not paid XX cents on the dollar.

    If not, contact a local real estate attorney or bankruptcy attorney and ask their advice. You do not want a collection agency trying to get money years from now, get this cleared up now.

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