What can my lender do if I am foreclosed on?
I live in Southern California, and have a first and second loan on my home. I do not have Mortgage Insurance. My loan is with Countrywide Financial. If I am foreclosed on can they come after me for the remaining balance of the loan if the home is sold for less than what I owe on the first? Is it true that I can still be held liable for the second mortgage? What are my options in regards to foreclosure. I don’t believe a short sale is an option, as they would have to drop the price 25% in order to sell it. What if I simply make partial payments to my loans, will they still begin foreclosure proceedings?