Re: Foreclosure and 2nd mrtgs in MN

Posted by steele in minnesota on November 12, 2007 at 07:54:21: In Reply to: Re: Foreclosure and 2nd mrtgs in MN posted by Mav on November 11, 2007 at 07:40:43: Mav is correct. According to our legal beagles the second has the right to pursue the entire debt owed to them. The completed foreclosure by the first simply means that the house is no longer collateral for the secondary loan. They can still file against you as an unsecured loan.

The ultimate question will be whether the amount will be worth going after. In most cases I have seen here in Minnesota they write the loan off as the borrower is not worth pursuing. Afterall if they had money they wouldn't be in foreclosure.

But it doesn't mean that they have to...

Steele
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