Foreclosure in Wisconsin>Question Details

Rrh5124, Home Owner in Wisconsin

First is foreclosing what happens with my 2ND???

Asked by Rrh5124, Wisconsin Sat Nov 6, 2010

Yes been two years now been through trial mod we stayed current upped it back up then stopped paying both in hopes of new loan no luck what happens with 2ND in foreclosuer 88K on first 32K on 2ND city says worth 125k. Thanks need lawyer you think?????

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I can also recommend an attorney that has many years experience in the real estate field and assisting sellers with the types of questions you have.
0 votes Thank Flag Link Tue Aug 9, 2011
Myself and the company I work for deal with short sales and foreclosure. It's 80% of our listings. Please feel free to contact me with questions

Kelly Podmolik
Apple Valley Realtors
715-492-0019 (direct/text)
0 votes Thank Flag Link Tue Aug 9, 2011
Hi Rrh5124.......Yes, you definately need to seek legal assistance. All applications are different and foreclosures have lasting issues that should encourage you to seek out the help of a professional. YOu should also consult with a real estate broker ...... you may have more options than you think.

Good Luck

The Birschbach Team
Web Reference:
0 votes Thank Flag Link Tue Nov 9, 2010
Good answer from Thom. I would go a step further and only talk with agents that have closed at least 5 short sales. Ask to see the approval letters from their previous clients. Consult with a Real Estate Attorney and ask what right if any the 2nd lien holder will have to come after you if the 1st forecloses. You don't want to get to this point. Hopefully there is enough time left for you to Short Sale.

All the best!

Ryan Smith
0 votes Thank Flag Link Sat Nov 6, 2010

Contact 3 local Realtors who specialize in Short Sales. Interview all of them and list your house for sale. This may delay the foreclosure if you get an offer quickly enough and it may mitigate your deficiency owned to both lenders. Move quickly, time is passing you by. Also, consult with an attorney as Realtors are typically not attorneys and cannot provide legal advice.

Best of luck,

Thom Colby
Broker / Owner & Certified HAFA Specialist
Thom Colby Properties
Newport Beach, CA
Moving Lives Forward (TM)
We NEVER DOUBLE-END Transactions in our Brokerage. There is NO benefit to the Seller or Buyer and only benefits the Agent. Also, NEVER use your RE Agent / Broker as your Lender or vice versa. Also, be careful when using Real Estate Broker-owned Escrow and Title Companies - they can be loads of trouble.
888-391-5245 Direct Cell
DRE# 01398570
0 votes Thank Flag Link Sat Nov 6, 2010
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