A lender who held the second during a forclosure

[botlife1]

State of Nevada

Good Afternoon,

My grandmother had her home forclosed on and it was sold January of 2008. There was a first and a second. A mortgage company recently called my grandmother and told her that the second was sold to them and it is now unsecured however she still has to pay it. It is my understanding that after a forclosure she is not responsible for the debt. I know there can be certain tax implications but have not heard of a bank selling a forclosed mortgage to another company. I think perhaps it could be a case of fraud by this new mortgage company.

Please Help,

Nick - [email]Tennisnick2001@yahoo.com[/email]

[HuAi]

The foreclosure records should show who received what funds from the sale. And no, any debt beyond the foreclosure price is not wiped out. The company can puruse judgement / garnishment, but with a senior citizen with no assets they're not likely to ever collect.