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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!

elnoralittle · Posted: Thu Apr 23, 2009 5:57 pm Post subject:

I believe they have the right to foreclose.

jenkin7 · Posted: Thu Apr 23, 2009 10:35 pm Post subject:

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.

haridas_badhe · Joined: 11 May 2009 Posts: 59 0.06 Dollars($)

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.

Thanks

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

Have spoken to your lenders and asked for a loan modification program.

Probably yoru situation may justify this.

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