Legal Question in Real Estate Law in Pennsylvania

foreclosure and 2nd mortgage

Lost my home to foreclosure, home sold by bank but had 2nd mortgage on home. 2nd mortgage co. calling and wanting me to make payments,I no longer own the home. Wasn't the 2nd mortgage a lien on the property? are the current home owners responsible for this lien? am I still responsible for this debt?


Asked on 3/04/09, 8:00 pm

1 Answer from Attorneys
Miriam Jacobson Retired from practice of law

Re: foreclosure and 2nd mortgage

Usually, the foreclosure of a first mortgage results in "wiping out", i.e., getting rid of the second mortgage. However, you probably also signed a mortgage note, promising to pay the amount of the second mortgage loan. The mortgage is only security for your obligations on the note. It may be possible that the second mortgage company would pursue you to pay the note loan balance [the "deficiency"].

Take copies of all of the documents that you received in connection with the second mortgage to a lawyer who could review them and advise you of your options.

Read more
Answered on 3/05/09, 5:05 pm


Related Questions & Answers

More Real Estate and Real Property questions and answers in Pennsylvania