Expert: Dick Dennis - 6/26/2008

Question
I lost my house the bank took it. and know the bank send me to collection and they want me to pay the second mortage what can I do?  Can the bank do that?

Answer
Yes, Rose, they can at least try that. It doesn't mean they'll get it. You see, when they foreclosed, they foreclosed on the first mortgage which was a stupid thing for them to do if they are the same company that has the second mortgage. The second mortgage is presumably smaller, therefore, it would have been cheaper to foreclose on the second. Now they are just harassing you.

However, if that second mortgage was put on your property AFTER you bought the property, like a separate loan, then it is a lien that they can collect on if they take you to court. If you don't have any assets then they are not going to be able to collect. But they will probably put a judgment on your name for any assets you may have now or in the future. Judgments are usually good for 10 years. I recommend you consult with an attorney to decide how you can fight this. I do wish you well.

Dick Dennis