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griffithjr · Joined: 06 Jun 2009 Posts: 1 1.30 Dollars($)

I received forecloure on my 1st mortgage and Im current behind on my 2nd as well, what will happen

eric1 · Posted: Sat Jun 06, 2009 6:41 pm Post subject:

You will probably lose the house.

jfstephens · Joined: 06 Jun 2009 Posts: 2 1.64 Dollars($)

Unless you contact the banks, you will lose the house. You should immediately contact the banks and work out a loan modification. This will help forestall the foreclosure and maybe save your house.

Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.76 Dollars($)

griffithjr

Welcoem to the forum.

I think your question was about second loan.

For sure yoru first lender is goign to forclose on the property. Since the first lender is forclosing the property, thay will be workign with your second lender to pay them some money from the procedings.

If for soem reason if the seocnd lender do nto get paid anythign, they may move your pendign amount to the collection agency.

Good luck and feel free to aks.

Guest

It is highly recommended to receive help from an attorney when it comes to renegotiating the terms with your lender. Attorneys can get you better conditions and lower monthly payments.

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foreclosure on 1st and have a 2nd