the house is sold to a realtor. State is CA.
2007-06-01 04:53:25 · 4 answers · asked by arose4u_77 1 in Business & Finance ➔ Renting & Real Estate
Second loan is still there; but without the real estate to support or secure the debit. If the house sells for more than the value of the first loan, the additional goes towards payoff of the 2nd.
2007-06-01 04:56:34 · answer #1 · answered by wizjp 7 · 0⤊ 0⤋
verify your workplace work from the own loan. no count if it is a recourse own loan (very basic with HELOCs) you do owe it, and could make charge arrangements on the quantity owed or they are going to take you to courtroom to sue. Or, look into chapter 11. If it became a non-recourse own loan (uncommon, yet obtainable) then you certainly desire an criminal expert (genuine assets atty) to place in writing them a letter explaining the foreclosures and if any proceeds have been obtainable on the typical auction. hazard is, nevertheless, you do owe it.
2016-11-03 07:52:35 · answer #2 · answered by Anonymous · 0⤊ 0⤋
if the sale of the house doesn't cover the second loan too then yes. and if the sale doesn't cover the total of the first loan you could also be libel to pay the difference. between what the house sold for and what you owed!!!
2007-06-01 04:58:39 · answer #3 · answered by george 2 6 · 0⤊ 0⤋
Yes.
2007-06-01 04:56:16 · answer #4 · answered by regerugged 7 · 0⤊ 0⤋