If you pay your first mortgage. What can be done if you do n

Guest 0.10 Dollars($)

I am 2 payments behind on my first mortgage and 1 payment behind on my second mortgage. The mortgage company told me to pay my first mortgage because even if I can't pay the second, The holder of my second mortgage cannot foreclose on my home. Is this true?

larry · Joined: 27 Jun 2007 Posts: 2951 411.26 Dollars($)

Hi,

Welcome to the forum.

Second mortgage is a secured loan like the first mortgage. So the second mortgage lender can also foreclose if you default on the second mortgage payments even you are regular on the first mortgage payments. Only in the even of foreclosure the lender of the first mortgage will be pain first.

Feel free to ask if you have any further questions.

Best of luck,
Larry

jenkin7 · Joined: 04 Jun 2007 Posts: 887 132.55 Dollars($)

Hello Guest.

Even I agree with Larry that the second mortgage lender can also foreclose. So do not neglect the payments.

But if the second mortgage lender tries to foreclose the first mortgage lender can buy out the second mortgage lender and you will then you will be liable to pay the first mortgage lender for both the mortgage.

gmakerley · Posted: Sat Apr 19, 2008 6:19 am Post subject:

as i've said altogether too many times, we all have too many friends; and those friends have too many opinions.

larry and jenkin are correct - second mortgage lenders can foreclose just as readily as first mortgage holders. what you really need to do is to try to catch up on each of those loans as best you can. be certain to stay in contact with them as well. you gain nothing by ignoring their requests to discuss the situation with them.

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