xxx:
I understand that you did not refinance. You bought the house with the mortgages present at the time of foreclosure. Is that right? The majority of states have purchase money protection statutes. Oregon and California do for sure. Maybe Washington does not. There are some caveats as well. For example, in Oregon, once the second mortgage is over around $120K, it is treated differently.
I work in Oregon and Washington, so this knowledge is very important to me. I will ask my local Washington attorney for my own knowledge sake. They deal with this issues all the time. Often they take legal action against the banks. That seems to work. Maybe I can get an answer for you today. If not, in a few weeks. He is about to go on vacations.
The issue is this. Lets say that Washington state does not have purchase money protection. If they want to force you into paying they need to take legal action. This takes a long time to even get started. Depending on how much is that second mortgage, interest rate, arrears and likelihood that you can ever pay, it may not be worth them suing you. Chances are you can settle them for less. You may look into bankruptcy alternatives as well. You may discharge them that way, or force them into settlement for less than owed. Keep me informed. This is a hugely important subject.
Oscar
At 10:52 PM 10/29/2009, you wrote:
You've received a contact message from your Contact Form on the ActiveRain network.
Message details: From: xxx Email: xxx Subject: Forclosure 2nd mortgage payoff (Sent via Activerain)
Oscar, after an exhaustive number of attempts to work with my lender to keep my home i sadly lost it to foreclosure. Now the second mortgage lender is threatening to take me to court for the balance on the second. The different professionals i worked with through this ordeal told me that the second mortgage goes away after a foreclosure when its purchase money (which it was) but they can come after you only if its refinance or equity line of credit money. After I recieved the letter from the attorney supposedly working for Citibank, I contacted a real estate lawyer in Lynnwood, WA and he stated that I was in fact responsible to pay this debt. Im being referred to you by my friend and mortgage specialist xxx of Lynnwood, WA and I hope you can advise me on this matter or put me in contact with someone you work with and trust. Thank you for your time. xxx Bothell, WA xxxx
Oscar Morante
www.bestshortsales.com
oscar@bestshortsales.com
Ph: 971-222-3734
Fx: 503-296-5663
9220 SW Barbur Blvd.
Suite 119 - #159
Portland, Or 97219
www.bestshortsales.com www.oscarpdx.com www.nwlossmit.com www.portlandgoldbuyers.com
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