Foreclosure process starting
Posted by Tony on June 17, 2008 at 19:11:20:
I have just received a notice from the lender's attorney regarding foreclosure proceeedings being started. We have a primary mortage of 80% of value, and a 15% 2nd mortage. The combined values are $475,000. Should I seek legal counsel to handle the foreclosure? Will an auction satisfy both lender debts, and if so does the second get their part first?
I have tried to negotiate with the lender, but I do not live in the state the house is in, and cannot afford it. There was no resolution. Very Confused.
Follow Ups:
- Re: Foreclosure process starting - Mary Supinger 22:30:41 06/19/08
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