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Posted by Close to mental breakdown! HELP! on February 12, 2006 at 22:13:23:
I am just about at the end. It is so sad that financial hardships have to destroy a persons physical and mental health! Please try to answer these questions for me. If the first forecloses, and it is sold at auction for just enough to cover the first, the second would get nothing. That seems unfair to us. We will be liable for the second, but it could be sold for more than what is owed on the first. However, it cannot be sold for enough to cover both the first and second - upside down. If the first forecloses, I'm assuming they will be the one to buy it at the auction? If that is correct, I also read that they would buy it for just what is owed on it to them. Then we are liable for the second? This doesn't seem right. If it is sold for more than what is owed on the first, then at least there would be something to go towards the second. I realize it would not sell at auction for the full FMV, but it darn sure should sell for more than what we owe on the first. Then we would not have such a deficit with the second to worry about. Does the second ever get involved with purchasing at the auction sale? The first is about 195k and the second is about 55k. If we could sell it, it would sell for only about 235k. If the first buys it at auction for the 195k, then what? Do they sell it thru an agent for the FMV and then we could get credit for whatever was over the 195k we owe the first? Then that extra could go towards the second? I'm so confused and just ready to pack and move on. We do not want a deficiency judgement against us. thanks - things can't get much worse, so i'm hoping for some kind of luck.
