Second Mortgages getting STICKY!

I have said it before but so many people haven't heard it. If you have a second mortgage and go through foreclosure in Minnesota--- that second mortgage is not gone. It has detached from the property but now it wants to attach to you!

In order to get rid of the second mortgage you need to settle with them in some way or file bankruptcy. I think on of the best ways is through a short sale. The first mortgage will allow the second mortgage something in the negoiation and you may have to agree to pay the second some addition money (oftne in a romissory note) but you know where you stand with that second mortgage.

If you do nothing and go through the full foreclosure, the second has a right to place a defiency jdgement against you. With that type of judgement, they can garnish wages, tax returns etc...

Be proactive! If you have questions or want to talk to me personally call me at 612-701-7965 or email me anytime. As always, no cost or obligation!

Check out my other posts on second mortgages:
http://helpwithforeclosure.blogspot.com/2009/08/second-mortgages-getting-sticky.html
http://helpwithforeclosure.blogspot.com/2008/12/promissory-notes-and-second-mortgages.html
http://helpwithforeclosure.blogspot.com/2008/12/second-mortgages-getting-harder-to-deal.html
http://helpwithforeclosure.blogspot.com/2008/08/is-bremer-bank-bully-you-decide.html
http://helpwithforeclosure.blogspot.com/2008/06/my-second-mortgage-is-chasing-me-or.html
http://helpwithforeclosure.blogspot.com/2008/02/have-you-been-using-your-home-equity.html
http://helpwithforeclosure.blogspot.com/2008/01/what-happens-to-second-mortgage-during.html

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