What can a second mortgage do to collect a debt after the first mortgage is foreclosed and the house is sold?

Asked over 5 years ago - Cameron, WI

The first mortgage is in forecloser and due to be scheduled for sale in six months. The second mortgage said they can garnish our wages to collect the debt for the second mortgage. Is that ok? The first and second are through the same bank.

Attorney answers (1)

  1. Christopher W. Duren

    Contributor Level 6

    Answered . Assuming the second mortgage holder does not receive any proceeds at the sheriff's sale, the second mortgage holder could file a civil lawsuit against you to try and collect the remaining balance. If they obtain a civil judgment against you, they can try and garnish your wages.

Related Topics

Debt

There are different types of debt, but all involve one person (the debtor) owing money to another (the creditor). Terms of repayment are governed by a contract.

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