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foreclosure

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pgould909 Joined: 13 Sep 2010 Posts: 1 1.30 Dollars($)	Posted: Mon Sep 13, 2010 9:34 pm    Post subject: foreclosure Like 0 Dislike 0 I owe 135,000 on my first, 197,000 on my second mortgage in California. My house is valued around 170,000 The first was a purchase price loan. the 2nd was not. I have 10% interest on my second. I am behind on both. Should I catch up with the first and ignore the 2nd? Can/will the 2nd foreclose if I am current on the 1st? The 2nd loan is through American General and from everything I can find they will work with people.
sara Moderator Joined: 05 Jul 2006 Posts: 2694 Location: New Brunswick, New Jersey 496.42 Dollars($)	Posted: Tue Sep 14, 2010 4:29 am    Post subject: Like 0 Dislike 0 Hi pgould, You won't be able to avoid the second mortgage. If you do not make the payments on time, the second mortgage lender will foreclose the property to recover the dues. However, if the second mortgage lender does so, he will have to pay off the balance amount on the first loan as well. Take care.

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