Foreclosure in 91342>Question Details

Dreyah066, Home Owner in 91342

Can the bank go after your current home if you foreclosed on a previous home??

Asked by Dreyah066, 91342 Sun Jun 26, 2011

I'm receiving collection calls regarding the balance on my second mortage for a home that was foreclosed on. Apparently the first was written off, but the second is still outstanding. I was able to purchase a condo cash with the help of my dad, so my name is on the title. I don't want the bank to come after my condo. Can they garnish my wages or put a lien on my current condo?? Do I need to file for bankruptcy??

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Answers

4
You need to speak with an attorney on this issue and be sure and bring the collection letters and any foreclosure materials and previous mortgage materials with you to the meeting. Without knowing your specific situation it would be impossible for anyone to give you an answer. It's possible that the 2nd mortgage was sold to a collection agency and they may or may not have the right or ability to collect on this old debt.
1 vote Thank Flag Link Sun Jun 26, 2011
Michael gave you sound advice. It really depends on many factors, was the second a line of credit? A non-recorse loan? When was it foreclosed.

Talk with a real estate attorney.
Web Reference: http://www.terrivellios.com
0 votes Thank Flag Link Wed Aug 8, 2012
This is common, plus some are sold to collection type agencies. Coutact an attorney who handles cases like this!
0 votes Thank Flag Link Wed Aug 8, 2012
These may be legal questions, you should consult a lawyer about them.. Generally though, they would have to go through some sort of legal proceedings to pursue anything other than recourse against the property itself.
0 votes Thank Flag Link Wed Aug 8, 2012
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