Post Your Mortgage Question Find mortgage expert in your area
You are not logged in. Login here. Not a user? Sign Up
Email: Password:
Search by Mortgage Terms: Ask My Question
613 Experts, 1440 Questions, 1555 Answers

Debra Harris Asked:

My husband and I have secondary property that is in foreclosure. The properth has a first and second mortage loan. We were told that we must pay the second mortgage loan or we will be sued. [Los Angeles CA]



Not Ranked
Answer Provided by: Guy Knox [01/13/2009]

I do not believe that is true, what I suspect will happen is when the property is foreclosed on you will receive a 1099 for the unpaid balance and fees, then your problems arises when you prepare your income tax return and have to claim the 1099 income.