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can the second mortgage holder foreclose on my home

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jacque Guest	Posted: Fri Jul 27, 2007 4:21 pm    Post subject: can the second mortgage holder foreclose on my home Like 0 Dislike 0 bout 15 days late each month, but the second is 7 months late. Can the second mortgage holder foreclose my home?
blue Joined: 21 Oct 2005 Posts: 1131 Location: MARYLAND 138.04 Dollars($)	Posted: Fri Jul 27, 2007 4:57 pm    Post subject: Like 0 Dislike 0 Quote: bout 15 days late each month, but the second is 7 months late. Can the second mortgage holder foreclose my home? Hi Jacque, Welcome to Mortgagefit discussion board. The 2nd mortgage company can foreclose but they will have to payoff the 1st mortgage from the amount recovered out of foreclosure sale. If there is no equity in the house then 2nd mortgage company will not gain much by foreclosing and all the proceeds will go over to the 1st mortgage company. Do let me know if you have any other questions. Thanks Blue _________________ Lets help each other. Try my blog
carnahandavid Joined: 21 Dec 2006 Posts: 238 58.41 Dollars($)	Posted: Fri Jul 27, 2007 5:46 pm    Post subject: Like 0 Dislike 0 Jacque, are you aware of equity position of your house? Second mortgage won't opt for foreclosure if there is no equity in the house. He will not gain anything out by foreclosing if there is no equity in the house. All sale proceeds will go towards payoff of the first mortgage.
Todd Holoubek Guest	Posted: Fri Jul 27, 2007 5:53 pm    Post subject: Like 0 Dislike 0 It is true that second lender will not come forward to start foreclosure if there is not enough equity in the house. But he must be reporting your loan status to the credit bureaus and defaults on this second mortgage are pulling your score down.

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