Talk to me about foreclosure?

[Tbornetun]

You don't need a lawyer for the foreclosure. As for the 2nd, you signed the reaff. You will be responsible for it, either they will foreclose on the second, 1099 you for it, or you may need to pay depending upon what kind of 2nd it is. Is it too late to pull the reaff? I don't understand why anyone would sign a reaff on a 2nd.

[Blue_Ray]

You don't need a lawyer for the foreclosure. As for the 2nd, you signed the reaff. You will be responsible for it, either they will foreclose on the second, 1099 you for it, or you may need to pay depending upon what kind of 2nd it is. Is it too late to pull the reaff? I don't understand why anyone would sign a reaff on a 2nd.

Yep, it's too late to pull the reaff (already confirmed). The 2nd mortgage is a POOL, secure loan. Its like 300.00 month @ 9%, I think at the time, it was a 15 yr term on the loan. I'll tell you one thing, it sure seems my $300 a month does not drop that pay off amount

Not sure why I did a reaff.... I think maybe we did b/c we didn't plan on loosing the house

[Blue_Ray]

So even if I foreclose on the 1st mortgage, then on the 2nd mortgage and by signing a reaff..... do I have to pay that 2nd loan / mortgage even though I don't live there?

Or would the 2nd lean go after the 1st to get its money back? Because in all honesty, I cannot even afford the 2nd loan mortgage.

Thanks for any input.

Ray