My first mortgage foreclosed and sold my house.Now the second mortgage holder is trying to collect?

Question

There is no collateral as the house is sold.What will be their next move.Also if they sell my second loan to another party what is the average that they will settle for?

Answer 1

ask a lawyer or call the company personally find out what the laws are call consumer credit counseling agency

Answer 2

Collection agencies will sometimes settle for 50% but that usually means one lump payment.  And they usually don't offer that settlement upfront.