Second mortgage

[hobber]

What is the name of your state? Ma.
Bought a single family home as rental property. The seller held a second mortgage. The second mortgage note called for monthly intrest only payments with the balance due in full in four years. I lost the property in foreclosure. The property was sold at auction.
Am I still responsible for the second mortgage?

[HomeGuru]

Originally Posted by hobber

What is the name of your state? Ma.
Bought a single family home as rental property. The seller held a second mortgage. The second mortgage note called for monthly intrest only payments with the balance due in full in four years. I lost the property in foreclosure. The property was sold at auction.
Am I still responsible for the second mortgage?

**A: of course you are. Well unless the property sold for more that the underlying mortgages and expenses. In other words, maybe the 2nd got paid off at the foreclosure sale closing.