2nd Mortgage

[rojiru]

What is the name of your state? NM

My wife and I had purchased a home back in 1994 @ $52k. In order to do some renovations and pay off some credit cards we took out a 2nd mortgage of $32k with another company. I was self-employed during this time, and lost some big clients around 1998. This made the situation bad, as it was a struggle to keep up with the payments. I closed the business, after I found employment with a local company toward the end of 1999.

The 1st mortgage foreclosed in March 2000. I informed the 2nd mortgage holder of this. I assumed, since the 2nd mortgage was secured by the real property that I wouldn't be liable for the 2nd mortgage. I guess in this I was wrong. The 2nd mortgage has been sold twice since the foreclosure. Are we still responsible for the 2nd mortgage, even thouigh the real property was used to secure the 2nd mortgage. Shouldn't the foreclosure paid both mortgages off?

I am still paying on some credit cards used in the difficult times, and really can not afford to pay the 2nd mortgage. I suppose the only course of action would be to file bankruptcy, but I would rather not.

Any suggestions would be greatly appreciated.

Thanks,

Roger

[pojo2]

I suppose the only course of action would be to file bankruptcy, but I would rather not.

Then get a second and third job and start paying up.

You might check with a legal representative and see what your actual obligations are in this.