can the second mortgage holder foreclose on my home

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bout 15 days late each month, but the second is 7 months late. Can the second mortgage holder foreclose my home?

blue · Posted: Fri Jul 27, 2007 4:57 pm Post subject:

carnahandavid · Joined: 21 Dec 2006 Posts: 239 58.41 Dollars($)

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.

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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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