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  1. #1
    Join Date
    Jan 2008

    Default Unsecured Second Mortgage

    I am currently in foreclosure and negotiating with my lenders. In talking with the bank on the second which is a line of credit for $100,000 he mentioned that this loan is unsecured. If I would allow the house to go to foreclosure, can he come after me somehow if it doesn't sell for an amount that would cover both the first and the second? He even said they may be interested in buying the house to protect themselves.

    I'm in Louisiana.

  2. #2
    Join Date
    Jan 2008

    Default Re: Unsecured Second Mortgage

    Yes, it does not matter if a debt is secured, or unsecured... at the end of the day if you technically owe them money, they can collect from you. Also, you may want to double check on that unsecured thing... more likely they did record a 2nd mortgage. Even if it is secured, then yes, they can hold you liable for whatever deficiency remains after sale of the home.

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