[Pat S]

...to pay back second mortgage?

[M C]

Nope! Not at all - I have a friend who is in foreclosure with two mortgages now and since she can't sell the condo - she is selling all the contents in the condo/washer dryer/stove/ etc...

So, just hang in there - there are a TON of people out there. Best thing to do is move out, find another place to live take all the contents out and salvage what you can. Call the bank and tell them it's now theirs then I would contact an attorney and begin proceedings for bankruptcy.

Again, hang in there you are not alone! Everything will be fine!

[Galt Realty]

No, you won't.

When a home forecloses, there is generally a "trustee's sale" at the courthouse. Whatever money is recovered from this sale of the home is split between the lienholders on the home. Taxes are paid first, then the 1st mortgage, then the 2nd mortgage. If there isn't enough money to pay the 2nd mortgage, the company just loses out. That's why the interest rates you pay on a 2nd mortgage are higher- they are riskier for the bank.

I'm sorry you are going through this. You are certainly not alone.