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2nd on sold house

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L

lfthnd

Guest
I am still paying on a 15 year 2nd mortgage on a house I no longer own. The house was forclosed on. There are only 5 years left on the loan. Is there any way I can get out of this debt without repercussions? If I do default on this loan, what would be the repercussions?
 


B

Bill Beggins

Guest
You better speak to a lawyer in your state on this, and get some personal counsel as you will be spending a lot of money paying off a "dead" mortgae otherwise. There usually is a way out, but it all depends on the specific facts of your case, your financial situation overall, the laws of your state (some states do not permit a deficiency judgment at all in some circumstances).
 

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