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Unfortunately my home was foreclosed and I tought, the 1st and 2nd mortgage disappears and the procces will ended. But suddenly I started receiving calls from the bank lender of the 2nd mortgage. They said I still owed them even if the home was foreclosed and if I didn't pay them, they will reported to the IRS, so they can charge it off on my paycheck. It's that true. Need some advice. Thank You!! (I had a 80/20 loan with two different bank lenders) Oceanside, California
Although the foreclosure may have eliminated all of the junior liens, the loans continue to exist. The mortgage is the security interest in the property, that secures the amount due on the loan. Even when a mortgage is removed, if the loan is not satisfied, the loan remains due and payable. The loan and the mortgage are two separate documents.
When a house is foreclosed the proceeds from the sale go against the outstanding balance of the 1st mortgage. If there still remains a balance on the first mortgage then a deficiency judgment is placed on your credit report. The second mortgage is still due. If the outstanding balance is not paid in full then another deficiency judgement is placed on your credit report. However if the bank determines that the loan balance is totally uncollectable then the unpaid balance is treated as income you received and will be subject to income taxes. The IRS will be notified of this by the lender. Which lender foreclosed? 1st or 2nd?
Loans are set up as non-recourse and recourse. A non-recourse loan can't ask you for more money after the property is foreclosed on. It sounds like the 2nd loan is a recourse loan which means they can come after you for the money. If this is the case and you can't pay them, eventually they will issue you a 1099-C (cancelled debt). Unless you are in bankruptcy or can show insolvency, the amount of the cancelled debt will be income in the year they finally wrote it off. As income, you will pay additional income tax.
Talk to the lender. Also talk to a lawyer. If you can transfer the second home to a business that you own before it goes into foreclosure, it may not count against you. The business will have to be incorporated.
Yup. The 2nd only means that they are 2nd in line for payoff ( to the bank anyway)...when the house sold, if it didn't sell for enough to payoff the 2nd, you still owe it. Chapter 7 is the only thing that will make the 2nd, "disappear"...
Ya right irs, second mortgage is gone...there lein was on the property and property is gone. so most likely don't worry abt it, but i am talk from High Point experience, i am not sure aabt Ca rule. I am pretty sure they r just tring to get wat ever they can