We lost our home to foreclosure four years ago, to get into the home we had one of those second mortgages from the get go, dumb and dumber, so even after losing the home we still have to pay the second mortgage? Is this true?
Answer
In the normal course of things, the foreclosure of the first mortgage did not wipe out your personal liability on the second mortgage. So you will need to deal with the second, typically either by settling it or by filing bankruptcy.
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