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80/20 Loans

Auto Loans for ANY Credit Situation. Immediate Response.
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Valued Member

80/20 Loans

My house went into forclosure last month. Had one of those 100% financed mortagages. One loan was over  400K and the other about 100K. The smaller loan has me in collections and calling me steady,trying to collect. Is this normal and is there any thing that I can do since the house forclosed on me and and I'm finished financially ?
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2 REPLIES 2
Valued Contributor

Re: 80/20 Loans

Sorry I dont have the answer but suggest you also ask this in the credit section.....

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Brian B The Loan Professor
Mortgage Banker - offering FHA, VA, USDA , and Conventional mortgages in all 50 states -

If I do not respond to a follow up question please feel free to contact me directly
Message 2 of 3
Community Leader
Super Contributor

Re: 80/20 Loans

Perhaps the 2nd mortgage changed to an unsecured loan when the home was taken back by the first mortgage lender - therefore they are trying to collect, might even eventually turn into a judgment.  I'd check with a real estate attorney to determine what could potentially happen in your situation, or for a cheaper alternative take Brian's advice and ask this question in the general credit section.
Helping people with mortgages (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
Located in Orange County, CA and lending in all 50 states
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