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Foreclosure.. can it happen?

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bichonfrisemom Joined: 13 Nov 2010 Posts: 1 1.47 Dollars($)	Posted: Sat Nov 13, 2010 9:27 pm    Post subject: Foreclosure.. can it happen? Like 0 Dislike 0 Hi, this is my first post and we need help... In 1995 we purchased a home with a 30 year mortgage later in 1995 we had a 125% second (we were young and stupid) in 1996 we went to another company for a second they TOLD us the other second would be absorbed into the loan. However we found out YEARS later it was never filed at the courthouse and nver part of that loan. (that company has since folded and sold it to countrywide which is now held by B of A ) in 1998 we refinanced the first to 15 years.. title search only showed the current first and second. the company with the 125%, kept sending us letters, notes.. saying we still owed.. we asked for proof but were ignored. it is now 2010.. it is now owned by a company that says its due but they sent statments that say we are 82 payments behind (it was around 36K but now its 56K due to interest) I am worried The first mortgage has 48K left second has 44 K left house is worth about 185,000 give or take How LIKELY is it this third mortgage who has not been paid in years (it was acquired by a sister company last year) can foreclose.. IF they have proof they were not paid... I was told they can't but I am not sure what they can or will do. They say they are the second in line (hey are not the court records indicated they never filed, the company went belly up two weeks after we did business with them ) I know they can still file even though that puts them in third. What are we looking at ( I am in NC if you need that info) This is keeping me up nights.. HELP
jameshogg Joined: 20 Dec 2005 Posts: 10477 Location: Nevada 990.06 Dollars($)	Posted: Mon Nov 15, 2010 12:57 am    Post subject: Like 0 Dislike 0 Hi bichonfrisemom, If there is a third mortgage on the property, then the lender can foreclose it for non payment of the dues. However, once he forecloses the property, he will have to satisfy the dues of the first and the second mortgage lender before he satisfies his own dues. There are high chances that the third mortgage lender will not foreclose the property but will charge off the loan and assign it to a collection agency who will in turn harass you for the payments. Thanks

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