2nd deed unpaid

[bugsy]

Several years ago My wife And I took out a 2nd Mortage on a home for 40,000 dollars. We were able to perform on this obligation for a period of four years leaving an unpaid balance of 24,600 dollars. In Sept. 1998 the first mortgage holder forclosed on the property. the underlying question would be:

Can the second mortgage holder sue us or make us preform on the remainder of this obligation?

 

[HomeGuru]

<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by bugsy:
Several years ago My wife And I took out a 2nd Mortage on a home for 40,000 dollars. We were able to perform on this obligation for a period of four years leaving an unpaid balance of 24,600 dollars. In Sept. 1998 the first mortgage holder forclosed on the property. the underlying question would be:

Can the second mortgage holder sue us or make us preform on the remainder of this obligation?<HR></BLOCKQUOTE>

The bigger question should be; is there an obligation? What was the result of the foreclosure sale? Did the sale generate enough cash to pay off the first and second mortgage, just the first, a partial of the first, the first and a partial of the second etc.
If the second was not paid off, then the lender is entitled to still collect.