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Guest

Ok..here is my situation. I have a 1st mortgage for 380,000. I am in the military and couldn't supervise the builder because I was in IRAQ. When I came home it turned out that the builder had pocketed lots of money and I had to take a 2nd mortgage for 125,000 to basically pay twice...due to things I thought were satisfied in the first mortgage. I am current on both, but the reality is to survive I have to stop paying on the 2nd and keep the 1st current. Value is roughly now 330,000. What are the chances of the 2nd (different bank than the 1st) paying off the 1st (380,000) and proceeding with foreclosure. This is suppose to be my last home. Builder went bankrupt during the heat...who knows where he is. I definitely can keep the 1st current...but to eat and have a life the 2nd has to go unpaid. Any comforting thoughts?

jnoa · Posted: Mon Jun 01, 2009 6:23 pm Post subject: Have you tried?

Have you tried to consolidate the two mortgages and take advantage of where the rates are? The best advice I can give you is to stay current on both mortgages in order to consolidate the two. I assume you have a VA, but even if you don't you may be able to qualify for a no appraisal rate and term refinance which would allow you to consolidate the two to one lower payment. If you have already gone late then there isn't much room for you to take care of it that way and you should look into modifying the mortgage with your current bank.

Hope that helps, and from one veteran to another, good luck.

smithsussane · Posted: Mon Jun 01, 2009 7:26 pm Post subject:

Hi Guest!

Welcome to forums!

Consolidating both the loans into one can be a good idea provided you have some equity in the property. Paying both the loans is very important. If you cannot pay the second mortgage, the lender has the right to foreclose your property. As you are delinquent on your mortgage dues, I would suggest you to speak to your second mortgage lender and apply for a loan modification.

Feel free to ask if you have further queries.

Sussane

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