Minnesota  |  Real Estate Law

Legal Question

Asked on: 12/15/10, 5:29 am

I live in minnesota and want to know what happens to a 2nd mortgage in forclosure

1 Answer

Answered on: 12/27/10, 7:28 pm by Cameron Kelly

The mortgage itself will likely be extinguished. However, the mortgage company can still pursue you on the personal debt. Depending on the amount of the mortgage and other circumstances, debtors pursue a number of different options ranging from working out a deal with the mortgage company to make payments, filing bankruptcy, or adopting a "wait and see" option. Because the security (house) is gone, the bank will have to sue you in order to pursue the debt further. If you would like to discuss options further, please feel free to contact me. Cameron Kelly Law, LLC

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Cameron Kelly Law, LLC 1902 Greeley Street S Stillwater, MN 55082

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