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Why is my second mortgage a secured loan when I dont even have the house anymore? I cant settle this debt and judgement.
I had a mortgage and then took out a second mortgage for 10,000 dollars, I have since lost the home and now they are taking money from my check each week to pay back this loan, I want to go thru a debt counsler but they wont deal in secured debt, how is this secured if I dont have the home anymore and is there any place I can go for help?
Attorney answers (1)
Reputation Level 11
Answered almost 2 years ago.
Bankruptcy Attorney in Taylor, MI.
You are right in that the loan is not secured as the house was foreclosed. When the house was foreclosed, it is likely the primary lender recovered the home. The second lender received nothing. Their debt become unsecured just like a credit card. Just because it went from secured to unsecured, doesn't mean that they can't sue you. In fact, many junior lienholders are becoming more aggresive in going after debtors after a foreclosure. There is a place you can go for help. You should speak to a local bankruptcy attorney who can help you elminate your debt and stop the garnishments.
www.letourneaumcavoy.com
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