2nd Mortgage Zone

First mortgage amount is $ 322,000 and $ 80,000 second mortgage. The same house sold for $ 20,000 less than the full amount. Secondly, exclusion, or simply write off as losses? Normally in a foreclosure.they to sell bonds for the, what they can get. Normally, only the money that the bank holds the first note would get as much as they can be. If the house sells for less than you owe, you still have money after the sale. Consider bankruptcy. There really is no advantage for them to 2 partition, even if you owe more debt and would probably have a rash on the house to avoid a sale or refinance after they are paid. It is likely that they will accept less than it paid at the time. They are criminals on the second mortgage company foreclose on your home and belongings. Foreclosure process varies from country to country but generally takes 2-18 months. It depends on the conditions of your loan.