Second Mortgages After a Foreclosure: What Happens to Them
Foreclosure can be as damaging to one’s credit standing as declaring personal bankruptcy. A foreclosure stays on a person’s credit report for up to seven years, and a bankruptcy haunts an individual for almost 10. What happens to a second mortgage after foreclosure? Does it get written off? Does the lien holder continue to demand payment of it, even though the homeowner no longer has possession of the house? The following information will provide some answers to those, and other,...
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