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i have lost 1st lien and home to foreclosure. 2nd lien is BAC…

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i have lost 1st lien...
i have lost 1st lien and home to foreclosure. 2nd lien is BAC and they still want 10,000. must i pay them still? i recieved no bills for 6 months then suddenly started again after sale of my home. 2nd is home equity loan according to work however was needed to get 1st loan refinnced 6 years ago. they wanted insurance etc. fannymae was 1st holder,wells fargo was servicing loan. country wide aka BAC is now 2nd. some say pay none,others including them say pay all
Submitted: 8 years ago.Category: Real Estate Law
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Answered in 2 hours by:
6/26/2010
Real Estate Lawyer: Ellen, Lawyer replied 8 years ago
Ellen
Ellen, Lawyer
Category: Real Estate Law
Satisfied Customers: 36,715
Experience: 25 years of experience helping people like you.
Verified
Hello,

I am the JustAnswer expert that will be helping you today. I am a lawyer with 25 years experience. Although I am not your attorney, I hope that I can give you helpful legal information.

When a property is foreclosed in Colorado, a judgment can be entered by the court for any amount of the 2nd mortgage that remains unpaid. This is called a deficiency judgment. The deficiency judgment can be used to execute on other property held by the borrower.

You can consider negotiating a payment plan for the 2nd mortgage or consider filing a bankruptcy to eliminate the debt

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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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