foreclose 2nd and 3rd loans keeping the first intact

Guest 0.10 Dollars($)

I have 3 mortgages right now on my primary home. I have not yet defaulted on any of them but I just wanna get rid of them. If I sell the home, I won't be getting a price worth the total balance. Is it possible that I let the second and 3rd mortgages foreclose by not making payments any more. the market value is lower than the balance on the first mortgage?

larry · Joined: 27 Jun 2007 Posts: 3328 473.40 Dollars($)

Hi nelly,

Welcome to the forum.

"Is it possible that I let the second and 3rd mortgages foreclose" Are you willing to pay off the second and third mortgage. Otherwise foreclosure means if you don't pay three or four months consecutively, the lender will send you a default letter and will foreclose the mortgage. Then the house will be hold to get the money back. Even after selling the house if the due debt id not paid off then you will have to pay the remaining amount. Foreclosure will also have a huge negative effect on your credit report.

So I think you should try to avoid foreclosure. Talk to your lender and explain him about your problem regarding the mortgage payments.

You can check out the article on "17 ways to protect yourself from the foreclosure trap" at http://www.mortgagefit.com/foreclosure/17ways-avoid.html

Hope this helps you.

Feel free to ask if you have any further questions.

Best of luck,
Larry

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