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Submitted: 527 days and 10 hours ago.

Category: Estate Law

Value: $15

Status: AWAITING CUSTOMER ACTION

manassas va., United States

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Expert:	JaxLaw
Pos. Feedback:	99.0 %
Accepts:	393
Answered:	10/8/2008

Attorney

Estate Planning (i.e. wills, trusts, power-of-attorney doc.s, living wills, etc.), Probate and mor

526 days and 16 hours ago.

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my house has foreclosed i owe 100,000.00 and 50,000.00 to the 2nd line of credit do i keep paying the 2nd

Posted by JaxLaw 526 days and 16 hours ago.

Answer

DISCLAIMER - This answer is not legal advice. No attorney-client relationship is formed. The information provided is for educational purposes only. For specific advice regarding your situation, please consult a qualified attorney in your area.

Yes. The money is still owed to the bank unless there was enough money from the foreclosure sale to satisfy both loans. Additionally, the first mortgage company may also come after you for additional funds if the foreclosure sale is not enough to satisfy the debt owed to it. They would petition the court for what is called a deficiency judgment.

DISCLAIMER - This answer is not legal advice. No attorney-client relationship is formed. The information provided is for educational purposes only. For specific advice regarding your situation, please consult a qualified attorney in your area.

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