2nd Mortgage Guide

First mortgage amount is $ 322 000 and two $ 80,000 mortgage. The same house is selling for $ 20,000 less than the total price. If the other to exclude or to write only one loss? Typically the seller will have a foreclosure.they notes on what they can. Usually, only cash, which the bank for the first note, you get as much as they can. If the house sells for less than you owe, you still owe money after the sale. Consider bankruptcy. There's really no benefit to them other shielding. Although you still owe the debt and probably a decision on the house, to prevent you sell or refinance before they are paid by the city. It is likely that they accept less than is necessary. If you are criminals on the second mortgage can be excluded on the home and property. Foreclosure process varies from country to country, but usually takes 2-18 months. It depends on the terms of your loan.