Question: I had a home in Virginia that was foreclosed upon. The second lien holder is trying to collect from me. Can they do this and what options if any do I have?
Answer: – Yes, they can try to collect what they lost. They could file a deficiency judgment against you for the amount they lost which would require you to pay the amount back in full. Most people file bankruptcy. You could work out some sort of re-payment plan over several years or ask them to forgive some of the debt and settle for a smaller amount.
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