HELOC- can they get a judgement?

[SubPrimeME]

Just curious if anyone knows if my 2nd can come after me if I walk away? My 1st will not- Countrywide. I thought that if there is a Lien on the home(2nd mortgage), that if the property was foreclosed on by the 1st, the 2nd couldn't do anythiing about it.

If the 2nd does indeed come after me, I will do the BK, but I was just curious if this is common.

My home is worth 325k, I owe 335k on the first and 30k on the 2nd... so no equity to speak of.

[HHM]

Typically, the second mortgage (or HELOC) CAN come after the owner personally if the home is foreclosed for any deficiency.

[253BK]

what company are you with??? that makes a differance I know of some that will try and go after the seller like GMAC

[SubPrimeME]

what company are you with??? that makes a differance I know of some that will try and go after the seller like GMAC

The 2nd is with Associated Bank, they are out of WI.

Thanks!

[triednotto]

I can back up what 253bk says! GMAC made a mortgage to me that the appraisal was over priced and then foreclosures happend in the neighborhood dropping values fast! My neighbor's house forclosed and ended up with an offer for 100K less then what they paid for it 3 years prior! So combined with other forclosures and the inflated appraisal-(the neighbors house had ironically been used as a comp for our refi!) we really got hurt in the long run.

Tried to sell for 1 1/2 years, used all my savings paying on an empty home ( I was transfered 3 states away), borrowed from my pension, went without just to make mortgage payments, and GMAC would not return calls! I tried to get a deferment plan and no go from them. Finally I had an invester who also repeatedly called them trying to buy the property, they kept saying that had not had time to review the case...the last time they said this-1 week later I received a letter from their attorney that they were forclosing!

I have a second with Homecomings who by the way GMAC owns. I was supposed to give my house back but GMAC contested and is forclosing and requesting a deficiency against me for what ever the balance will be when ever they do sell!

I also am waiting for Homecomings to rear their nasty head. So GMAC at least for me has been very hard to deal with. I personally do not feel they honestly made good faith efforts to even do a work out arrangement of any sort. On the news they kept saying call your mortgage co-which I repeatedly did and they just wanted to know when I was going to pay my arrears!! That was after I would wait on hold 30 -40 min. to reach a person who would then transfer me to wait on hold again.

Ironically before I was transfered (I did not know I was going to be which is why the year before I refied..so could improve the house) I had new windows, central air, kitchen, roof, baths, flooring, total revamp done. So the home is in excellent shape but it does not matter if the neighborhood will not support the price! So I am sure someone will want the property I am just concerned that the market value will not support the price and with how long before it is sold and hope that the deficeincy gets covered in the BK!

[dp1969]

GMAC did nothing for us

SubPrime-We have a HELOC with GMAC and was told by our lawyer that they WILL go after us if we didn't file BK. In fact, the 1st (National City) is only in my husbands name and the HELOC (GMAC) is in both so I was thinking that my husband (who has all the CC debt in his name) should be the one filing BK but through the advise of counsel, we both had to file. GMAC would sue me for the balance on the HELOC. Therefore, we have to foreclose and file BK.

Triednotto- We had the same cr**py experience with GMAC. Never could reach anyone that knew what there job actually was. I, finally, got through to someone by the name of Brooke in the default division and she told me she was personally working on our situation. Bull***t! She never got back to us. Even National City wouldn't try to work with us. They gave us the "we need more information" run around.

Funny, we have not heard even a "peep" from either company. We've (officially) missed our 3rd payment to both, as of this month. Do you think we will hear something soon???

[SubPrimeME]

SubPrime-We have a HELOC with GMAC and was told by our lawyer that they WILL go after us if we didn't file BK. In fact, the 1st (National City) is only in my husbands name and the HELOC (GMAC) is in both so I was thinking that my husband (who has all the CC debt in his name) should be the one filing BK but through the advise of counsel, we both had to file. GMAC would sue me for the balance on the HELOC. Therefore, we have to foreclose and file BK.

Triednotto- We had the same cr**py experience with GMAC. Never could reach anyone that knew what there job actually was. I, finally, got through to someone by the name of Brooke in the default division and she told me she was personally working on our situation. Bull***t! She never got back to us. Even National City wouldn't try to work with us. They gave us the "we need more information" run around.

Funny, we have not heard even a "peep" from either company. We've (officially) missed our 3rd payment to both, as of this month. Do you think we will hear something soon???

I received a leter of default from my 2nd mortgage company, basically telling me that they are in the process of foreclosing. Yet the 1st hasn't sent anything... Kinda funny, the 2nd knows they have nothing as the 1st has the main entitlement to the home... IF only they would have tried to work with me, rather then ignore me! Countrywide is the worst as far as 'customer service' is concerned. I was told by a 'manager' in the work-out dept that the 2nd could not come afer me, and that I should just ignore them. What a joke! In a way, I'm glad they will lose on this, why do banks ignore common sense?!?!?

[dp1969]

Seems several lenders "ignored" people who were willing to want to try to work out a better scenario with there mortgages. We tried for 8 months and here we are.