My condo is going to foreclosure. The second on the condo was sold to the insurance. Now the second has hired

Question

a collection company. They are telling me that they are going to do a preliminary asset investigation to go after my bank accounts and all other assets i may have. Is that truly what they do or is it a scare tactic? I ned help please.

Answer 1

The person who bought the second bought a dead horse.  The second will be wiped out at the foreclosure. The holder of the second has no recourse against you.

Answer 2

Iboz, Home insurance is actually very flexible. I'm not familiar with all the details of my homeowners policy, but my homeowners insurance agent is always a phone call away. Try contacting your agent or a agent in your area. http://www.usinsuranceadvisor.com/Home-I... They will be able to assist you.

Answer 3

There are actually companies that will work with you for free to buy your mortgage away from your mortgage company and avoid your foreclosure. I would advise looking into this first. Try http://www.speedyrealestate.info. Good luck!

Answer 4

Yes, they really do this.  You remain liable for the mortgage money even after foreclosure.  If the condo is foreclosed upon and sold and the sales price doesn't cover both mortgages plus all the fees, penalties and interest, the balance is your responsibility and, once they get a judgment against you, they can garnish your wages and seize your assets.

It's probably time to talk to a bankruptcy lawyer.  Most offer the first appointment for free.