Comments on: what happens in foreclosure when you have two mortgages http://www.homesalerelief.com/blog/what-happens-in-foreclosure-when-you-have-two-mortgages/ Avoid foreclosure - Keep your home and good credit - and avoid the sharks Fri, 30 Jul 2010 00:35:17 +0000 http://wordpress.org/?v=2.3 By: admin http://www.homesalerelief.com/blog/what-happens-in-foreclosure-when-you-have-two-mortgages/#comment-335 admin Mon, 16 Jun 2008 13:42:36 +0000 http://www.homesalerelief.com/blog/what-happens-in-foreclosure-when-you-have-two-mortgages/#comment-335 Yes unfortunately, Mimi, my understanding is that they can come after you for that entire amount along with their foreclosure costs and attorney fees and so forth. --Richard Yes unfortunately, Mimi, my understanding is that they can come after you for that entire amount along with their foreclosure costs and attorney fees and so forth.

–Richard

]]> By: Mimi http://www.homesalerelief.com/blog/what-happens-in-foreclosure-when-you-have-two-mortgages/#comment-333 Mimi Mon, 16 Jun 2008 06:18:12 +0000 http://www.homesalerelief.com/blog/what-happens-in-foreclosure-when-you-have-two-mortgages/#comment-333 In the state of AZ, there is an anti-deficiency judgement law. My question is: I paid $325,000 for my house, with a down payment of $100,000. A year later, I applied for a HELOC. I wanted $50K, a 'just in case' thing. The lender talked me into $100K. Three years later, the homes in my neighborhood are selling for less than I owe on my first. If I walk away, can the second lender come after me for the $100K ? In the state of AZ, there is an anti-deficiency judgement law. My question is: I paid $325,000 for my house, with a down payment of $100,000. A year later, I applied for a HELOC. I wanted $50K, a ‘just in case’ thing. The lender talked me into $100K. Three years later, the homes in my neighborhood are selling for less than I owe on my first. If I walk away, can the second lender come after me for the $100K ?

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