Mississippi  |  Consumer Law

Legal Question

Asked on: 8/13/01, 8:09 pm

Foreclosure

I own a house in MS that has a first and second loan. The total of the two loans exceeds the value of the home by about $80,000. We now reside in TX. The house has been on the market since January. I have been unemployed since June 1. I can no longer afford to make the payments and wish to default on the loan. What are my options? Will either the first or second mortgage company have recourse if a foreclosure occurs? For example, can they come after equity in my home in TX, other assets (IRA, 401k, etc.)

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