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2nd Mortgage Lender Rights

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Lola

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Post Posted: Thu Apr 23, 2009 2:55 pm    Post subject: 2nd Mortgage Lender Rights
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Hi, I am currently going through divorce and I am being awarded the family residence which has a 1st and 2nd mortage. I will be able to catch up the 1st mortgage, but the 2nd is severly behind (almost 9 months). What rights does the 2nd mortgage lender have if I continue not making the payments?
Thanks!

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Icon Mini Profile elnoralittle
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Post Posted: Thu Apr 23, 2009 5:57 pm    Post subject:
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I believe they have the right to foreclose.
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Post Posted: Thu Apr 23, 2009 10:35 pm    Post subject:
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Hi Lola,

If you continue making payments towards the first mortgage, it is unliely that the second mortgage holder will foreclose on the property because they hold a second lien position and if the house is foreclosed they will be paid only after satisfying the first loan. Thus it would not be a very profitable deal for the second lender to foreclose. They can however, sue you or place lien on your property.
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Post Posted: Thu May 21, 2009 8:20 am    Post subject:
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Ffirst mortgage would get paid off first, and then any funds remaining would be used to pay off any second mortgages.For this reason, second mortgages typically carry a higher rate of interest.

For future benefit you should pay second mortage.

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Post Posted: Fri May 22, 2009 7:52 pm    Post subject:
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Have spoken to your lenders and asked for a loan modification program.

Probably yoru situation may justify this.
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