Rachel Montes was served a notice on her door demanding $65,000 from a mortgage company when she thought the account had been settled over a decade ago. With the Utah market looking the way it is now, this kind of
WEST VALLEY CITY — Rachel Montes was about to lose her home to foreclosure even though she thought she was all paid up.Montes bought her home in 2005 using two mortgages. Four years later, she filed for bankruptcy and she got a loan modification to keep her house. She believed the 20% second mortgage was rolled into that deal along with the 80% primary mortgage, and for good reason.But after 13 years, she heard from someone.
"Just because you work stuff out with your first, doesn't mean you worked anything out with your second," he said. With this sort of equity, Winward says the owner of a second mortgage can foreclose and still make money on a home after paying off the first mortgage. Montes' due date was March 1, 2020, which gives the lender until March 2026 to foreclose, says Winward, even though the mortgage company hasn't so much as asked for a payment in 14 years.
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