2nd on sold house

[lfthnd]

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?

 

[Bill Beggins]

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).