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My question is if I owe 145,000.00 on my second and 375,000.00 on my first. I have sent in all the info to the banks to start my laon mod if I only continue paying my first and not second can my second forclose on me knowing my house is only worth 275,000. and if the second puts a lean on my property how long will it be on my credit and how do I get it off my credit later. I do not want to throw good money to bad if in the end I will lose my house anyway?

Thanks
JWD

mtgfixit · Joined: 13 Apr 2009 Posts: 73 28.11 Dollars($)

Anytime you stop making mortgage payments, whether it's on the 1st mortgage or the 2nd mortgage, yes they can foreclose. It is more common for the first mortgage to file for foreclosure, but in your case if you are making the payments, they would not have a reason to foreclose. I have never heard of a lender filing for foreclosure soley based on the declining value.

Rule of thumb for an negative reports on your credit: it will remain on your credit report for 7-10 years.

Hopefully you will not loose your home, it sounds like you are on the right track with your first mortgage to get a loan modification worked out. If possible, keep making your mortgage payments to avoid foreclosure.

Posted: Wed Apr 15, 2009 2:00 pm Post subject:

They cannot forclose based on second loan. Since you still owe 375K on the first one.

if they sell the house for $400K, they have to pay the first $375k first before they take thier money.

But they may send it for collection if you stop makign payment on yoru second loan.

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

The above answer is true.

Posted: Wed Apr 15, 2009 2:57 pm Post subject:

A 2nd mortgage can file for foreclosure if they are not being paid, but it is not common, because when the property is sold the 1st mortgage will be paid and then what ever is left over will be paid to the 2nd mortgage, unless there is an IRS lien, in that case, the IRS comes first

mtgfixit · Joined: 13 Apr 2009 Posts: 73 28.11 Dollars($)

FYI - the above response is from me, mtgfixit, I was not logged in, so it shows up as a guest

Guest

Thank you for taking the time and for your help

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