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Can a 2nd lien holder force a foreclosure without the 1st lien holder agreeing?

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care2tri Joined: 11 Apr 2011 Posts: 1 1.34 Dollars($)	Posted: Mon Apr 11, 2011 4:04 pm    Post subject: Can a 2nd lien holder force a foreclosure without the 1st li Like 0 Dislike 0 We finally got our first lien holder, Wells Fargo, to work with us. We are on a temporary payment plan with them and it should become permanent in 2 more months. I just got served by the 2nd lien holder. Can they force a foreclosure if we work something out with Wells Fargo? I will also mention, we owe 180k on the first, and 34 on the second. Home value is 150, so there is no equity for the 2nd company to get.
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Mon Apr 11, 2011 8:54 pm    Post subject: Like 0 Dislike 0 Hi care! Welcome to forums! If the second lender does not receive his payments on time, then he will have the rights to foreclose the property. You should contact your lender and negotiate with him so that he can offer you a loan modification. If he agrees to it, then you'll be able to save the property. Feel free to ask if you've further queries. Sussane
raymond Community Expert Joined: 03 Jul 2009 Posts: 1189 Location: Irvine, California 27.86 Dollars($)	Posted: Tue Apr 12, 2011 7:29 am    Post subject: Like 0 Dislike 0 >>Can they force a foreclosure if we work something out with Wells Fargo? Yes. _________________ Raymond Denton www.RaymondDenton.com

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