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Niicss
Joined: 03 Oct 2005
Posts: 4834
Location: New Jersey
508.88 Dollars($)
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If your friend stops paying the second mortgage dues, the second lender will have the rights to foreclose the property. However, in most cases, the lender will charge off the second loan and collection agency will collect the dues from you. If the second lender forecloses the property, then you will lose it. Your friend can contact the second mortgage lender and apply for a loan modification. This will help him save the property.
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Good is the Enemy of Great. |
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slscoots
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| ? How can the second lender try to collect the dues from me when my name is not on the 2nd mortgage at all? He also all ready tried to do a loan mod with the 2nd lender and they said he can't because the 1st is fine and why not modify that one? Basic question why would two lenders allow two different people on two different loans for one house? One on the 1st and one on the 2nd. |
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| slscoots... normally the lenders will not allow two different people to be on the mortgage. However, if both of them are on the property deed, then they may allow two different people to be on the mortgage. However, if your name is not mentioned on the second loan, then you will not be held liable for the same. |
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JJ
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Post subject: 2nd loan not paying |
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| I am just like everyone else here in CA I owe 359,000 on my first loan (option arm where you can pay deferred interest) and on my 2nd I owe 60,000 (refinanced & pulled cash 3 yrs ago). I have already stopped making my payment on the 2nd loan and my first mortgage finally agreed to modify it (Us Bank purchased Downey Savings). They gave me a fix interest rate of 3% for 5 years, then it goes up every year until it reaches 5% where it caps off ( approximately in the 7th year). The balance would stay the same. My payment is 1221 per month including taxes, this is one heck of a deal but my biggest issue is that second. I guess I will ride the wave and see what happens. Do loan modification paperwork contain any verbiage that allows the lender to garnish your wages or go after your assets. I have yet to hear of any lender try to do this? I can onnly guess if the lenders do this , they will be faced with a bunch of law suits? I mean first they foreclose and when one is at their lowest paoint they try to take their wages? That is a bunch of crap the major lenders started this mess adn I will be damned if they try to take anymore money from me. |
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E.K.
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Post subject: mtg pmts |
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| I am current on my 2nd but have been paying small amount each month on first mtg. Now First Mtg bank says pay up whats behind in 45 days or they will start foreclosure, is there any sense in still paying small amount towrds first and still paying 2nd mtg pmt.? thanks House is worth less than we owe on it now |
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smithsussane
Joined: 18 Sep 2008
Posts: 10439
Location: Alaska
985.83 Dollars($)
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Hi E.K.!
Welcome to forums!
If you do not pay the dues now, then the lender has all the rights to foreclose the property though you pay small amount towards your first loan. You should start negotiating with your lender and check out if he can give you a loan modification.
Feel free to ask if you've further queries.
Sussane |
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NEED ADVICE
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Post subject: Drop Interest Rate of second Loan |
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| Why do the Second Mortgage lenders not refinance the loan to drop the Interest to allow to pay off the loan quicker instead of possibly just having homes foreclose and the lenders having to still pay off the 1st Loan. Currently it is at 14% and this was during a time when I was on a payment program to consolidate bills. The Bills were all payed off but it seems that unless I Pay over 1000 a month and I already pay 1200 on the first Mortgage is the only way I may even possibly get out of Debt. |
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adonis
Joined: 22 Oct 2005
Posts: 10562
Location: ALASKA
1089.18 Dollars($)
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Hi Guest,
If you do not have equity in your property, then you won't be able to refinance your second mortgage. That can be a reason why the lender will foreclose the property rather than allowing you to refinance the loan.
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Procrastination is the enemy of your financial success |
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Gibson
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Post subject: Mortgage |
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| Hi I have 2 homes. The one I want to foreclose has equity line that I borrowed for 50,000 I owe 69,000 on the house. If I foreclose can they take my primary home? I can keep paying heloc payment. Thank You |
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Ronnie V
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Post subject: What are my options? |
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Hi everyone, I'm trying to help my parents out by solving their problem, this is their situation:
They have a 1st and 2nd mortgage. 1st is $155k and 2nd is $26k and the property/condo is probably around $80k
They have tried a loan mod by talking with the bank and they were tough on them by not coming to some sort of agreement. So they then went to a realtor to list it so they can attempt a short sale but no offers have came in.
They recently received a letter stating that there 2nd mortgage has been charged off or sold to a company who I assume is a collection company stating that if they don't receive payment in 30 days they will foreclose.
Is this a scare tactic? because how can they foreclose on the property with just the second loan....what's the benefit to them?
Does anyone know what option I can explore? would a Forensic Loan Audit be beneficial? or Deed in Leu?
Please help...thank you |
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jameshogg
Joined: 20 Dec 2005
Posts: 10477
Location: Nevada
990.06 Dollars($)
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Hi Gibson,
After a foreclosure, the lender will have the rights to sue you for the deficient balance resulting from the sale of the property. If you cannot pay it off, then the lender can place a lien on your primary property.
Hi Ronnie,
If the second mortgage company has charged off the loan, then they do not hold your parents' mortgage account any longer. They can't foreclose the property. Your parents will have to deal with the collection agency. The collection agency can sue your parents if they do not pay off the dues.
Your parents can apply for a deed in lieu of foreclosure and sell off the property. They won't be liable for the deficient balance resulting from the sale of the property.
Thanks |
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rudy101
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Post subject: 2nd mortgage |
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Haven't paid second loan for 11 months only the first ,both with gmac.
It was an 80/20 loan for primary residence.I'm in CA, which is a non-recourse state. I was offered a 10% payoff 4 mo. ago via phone, turned out to be false,
instead they wanted 30% or $30K.Loan is $100k. I don't plan to make pymts.
House is worth $285k. My 1st loan bal. is $399k.I sent them offer of 10%payoff 1 month ago, no response.What may happened?  |
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smithsussane
Joined: 18 Sep 2008
Posts: 10439
Location: Alaska
985.83 Dollars($)
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Hi Rudy!
Welcome to forums!
As the lender has not replied to your request, I would suggest you to contact your lender and reapply for it. You can even have a word with their customer service department in order to know about the status of your request.
Feel free to ask if you've further queries.
Sussane |
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edmen
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Post subject: 1st and 2nd mortgage loan |
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we still can to pay 1st home mortgage, but have difficulty paying 2nd mortgage. value of house is less than total 1st and 2nd mortgage. is there a way for me to have the creditors of the 2nd mortgage to reconstruct and make it affordable by reducing the monthly payment rather than not making payment as schedule?.......thanks...mr.Confuse
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John Hayes
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Post subject: 2nd mortgage buy out |
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| My home has appraised for 725K. My first is for 800K my 2nd is $350k. I have not paid my 2nd in 7 month and have offered to get someone to buy out the loan for a small percentage of the loan (Maybe 10%). If they foreclose they will get nothing, if they sue me personally they will also get nothing because I have nothing left and my investment home has 4 loans and is also under water. what are my chances of getting them the 10% from by benifactor and getting rid of the 2nd loan? |
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