| Mortgage Forclosure The forum for everything related to Mortgage Forclosure |
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05-05-2009, 08:55 PM
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Second Mortgage Foreclosure?
I had 2 mortgages, 80/20, with one company.. I am current on the first, but defaulted on the second and the mortgage company had their own PMI on the second.. They filed a claim for it and the mortgage company was paid of, they actually sold it to AIG United Guaranty. They are calling me saying that they are going to foreclose on the property.. I owe the $18,000. The first mortage is $70,000 what will happen? How can they foreclose for 18 when I still owe 70?
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05-05-2009, 10:43 PM
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United Gauranty now owns the debt. They can foreclose by buying out the first $70,000 and then they own the house. Assumes the house is worth more than $88,000
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