If the property get foreclosed, I'm I still liable to the 2nd mortgage (HELOC),with the new servicer?
Yes you are. 2nd mortgages DO NOT have the same protections as a primary mortgage. Your salary CAN be garnished if they obtain a judgment against you, which is VERY likely. This is WHY it was such a BAD idea to buy a home needing two mortgages. If you had a 20% like you were supposed to, you would not be in this mess. Hopefully you will not fall victim to the next housing bubble and buy a house that you need two mortgages in order to purchase it.
by Ryan M - 5 hours ago
yes you are still liable on HELOC. foreclosure or deed in lieu does not make that go away. they will never stop trying collect until you file for bankruptcy protection. you took a big gamble on borrowing that % of purchase price. tough break.
by David Z - 5 hours ago
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