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2nd mortgage

i am going through foreclosure with my bank.i have not been able to sell my house which is listed with realtor. i will be lucky if i sell it and beable yo pay off my mortgage. i also have a 2nd mortgage with citifinancial.. is it possible they would write off my 2nd mortgage or will i always owe it to them? if i go bankrupt will that cover them? i owe them 40,000.

Posted from: British Columbia

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One Response to “2nd mortgage”

A licensed trustee said...

Citi Financial is not likely to write off the second mortgage – they will probably demand payment and if you are unable to pay, they may sue you so that they may garnishee your wages.

Bankruptcy will deal with this debt, but before you decide to file for bankruptcy go and speak to a trustee about your situation and your options.