Is there a way to remove an outstanding Second Mortgage after a home has been foreclosed upon and what type of lawyer deals with negotiating this on my behalf? The home was foreclosed in Nevada and I no longer live there.
Answer
Since the property and its value is lost to the foreclosing first lender, the second mortgage becomes an unsecured loan (like a credit card) and can be sued upon while in default, subject to Nevada laws governing such lawsuits. Your real estate attorney can advise further.
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