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Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 55715
Experience:  32 years of experience as lawyer in Texas. I'm also a Real Estate developer.
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My husband and I are on the deed and first mortgage.He took

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My husband and I are on the deed and first mortgage.He took a second mortgage out on the home without my signature. He left me/ wants a divorce and defaulted on the second. I have faithfully paid the first. The home is upside down by roughly $100,00.00.
I live in Florida. Can the second foreclose on the property or is there liability for me.
Welcome! My goal is to do my very best to understand your situation and to provide a full and complete answer for you.

Good afternoon. Can you tell me the value of the house, the amount owed on the first mortgage and the amount owed on the second mortgage? Thanks.
Customer: replied 4 years ago.

The 1st mortgage is $268,000.00

2nd around $75,000.00

Value of home dropped around $150,000.00 based on comps. It has not been appraised since 2006

Thanks so much for your reply. You need not worry about this second mortgage. You have no liability for this loan since you did not sign it. And, you don't have to worry about any foreclosure by them. The way a foreclosure works is that in the event of a foreclosure, the lienholders must be paid in full in the order of their priority until the money from the foreclosure sale is gone. Since your first mortgage balance is more than the value of the property, any foreclosure by the second lienholder would yield no money to the second lienholder, so the lienholder would not incur the time and expense of a foreclosure which would yield no proceeds to them.

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