Compare Mortgage Quotes

jpalomares4 · Joined: 15 Sep 2009 Posts: 12 4.35 Dollars($)

we would have to do a foreclosure on our second home since we can no longer pay the mortgage and i been told that it's really hard to to a dil or short sale when you have a second loan, is this true? if we end up doing a foreclosure what would happend to the second mortgage? were behing on our first since is much more but ok on the second. thanks

sara · Posted: Fri Feb 26, 2010 2:55 am Post subject:

Hi jpalomares,

It's not mandatory for you to let the property go into foreclosure. If you are unable to pay your second mortgage, then you should apply for a loan modification with your lender. Depending upon your financial situation, you may qualify for it. You should also remember that whether or not you go for a foreclosure, deed in lieu or short sale, you will have to pay off your second mortgage dues.

Take care.

Company	Loan Type	APR	Est. Pmt.
				Go
				Go
				Go
				Go
				Go
				Go

Property State:
Property Type:
Credit Rating:

All times are GMT - 7 Hours

Page 1 of 1

Compare Mortgage Quotes

foreclosure and second loan