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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: What's possible vs probable Posted by Ward-CA- on September 12, 2001 at 8:01 PM In Reply to: Please answer foreclosure question posted by HL on September 12, 2001 at 3:14 PM : Hello, we live in Idaho, and are in a situation we are not sure how to handle. My husband recently was permanently laid off from work where he was making a higher salary than normal here in Idaho. He has not been able to find a job that would pay enough to keep up our first and second mortgages. We are beginning to believe it would just be better to let the house go. But, our house is not worth what we owe due to the second mortgage. What are the ramifications of doing this because of having two high mortgages, the second higher than the first? Would we have to pay the balance if there is a 30,000 difference? Any help in this matter would be greatly appreciated, thankyou. =•=•=•=•=•=•=•=•=•=•=•= Idaho (see link below) allows a lender to recoup a deficiency that might exist if they don’t recover all that’s owed them after the final disposition of a property through your state’s foreclosure process and beyond. However, many lenders prefer not to pursue such endeavors because, for the most part, the money and effort to takes to establish the deficiency amount and sue for it isn’t worth the effort if the debtor is dead broke anyway. Good luck. 50 State Foreclosure Basics Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Hello, we live in Idaho, and are in a situation we are not sure how to handle. My husband recently was permanently laid off from work where he was making a higher salary than normal here in Idaho. He has not been able to find a job that would pay enough to keep up our first and second mortgages. We are beginning to believe it would just be better to let the house go. But, our house is not worth what we owe due to the second mortgage. What are the ramifications of doing this because of having two high mortgages, the second higher than the first? Would we have to pay the balance if there is a 30,000 difference? Any help in this matter would be greatly appreciated, thankyou. : =•=•=•=•=•=•=•=•=•=•=•= : Idaho (see link below) allows a lender to recoup a deficiency that might exist if they don’t recover all that’s owed them after the final disposition of a property through your state’s foreclosure process and beyond. However, many lenders prefer not to pursue such endeavors because, for the most part, the money and effort to takes to establish the deficiency amount and sue for it isn’t worth the effort if the debtor is dead broke anyway. : Good luck. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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