Jessica
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Stop paying second mortgage - What happens next?

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michael hester


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Post     Post subject: my second morgage has filled a forecloser om my home

hi, my second morgage has filled forcloser on my home, my first morgage has modified my loan to 3% lowerd my payment.i hired a lawyer to file bankrupcy to wipe out the second but it is almost impossible to pay my lawyer and keep up with my first morgage,what should i do, contact the lawyer who is forclosing and explain ahard ship ? my first is $189,000,my second $47,000, my house is has dropped down to $160,000
Mini Profile  Niicss

Niicss


Joined: 03 Oct 2005
Posts: 3255
Location: New Jersey
513.90 Dollars($)
Post     Post subject:

Hi michael

You can contact your second lender and negotiate with him so that he gives you a repayment plan so that you can save the property and also pay off the dues. You should definitely explain your hardship to the second lender.

Thanks.

_________________
Good is the Enemy of Great.
filapere


Guest




Post     Post subject:

I was living in a small town in fl and my job was moved to a larger city two hours drive away. Was commuting for three years and then go tired of driving and decided to buy a house in that larger city. In the smaller city a have a house worth less than the current value around 100000 less of it and also have a line of credit of about 100000. Bought this new house a couple of weeks ago and although I still can make the payments for the three loans it is very hard for me to do it. I have never been late with my payments in the house in the smaller town or the line of credit and can not sell the house because it is worth less than my currents mortgages. what are my options as far as trying to pay less every month or try to get rid of my second mortgage in the house in the smaller town and the line of credit as well?
Mini Profile  sara

sara
Moderator

Joined: 05 Jul 2006
Posts: 1861
Location: New Brunswick, New Jersey
353.11 Dollars($)
Post     Post subject:

Hi filapere,

Your query has been answered in the given link:
http://www.mortgagefit.com/florida/second-loan.html

Please take a look at it. I hope it'll help you.

Take care.
good grief


Guest




Post     Post subject: deficiency on short sale or foreclosure

Hello, I bought a home in CA in 05 and lived there until 08, then rented the house out for a loss and bought another home. I owe 344k on the home and the comps are around 260k. I am hoping for a short sale and if not, a foreclosure. There will be a deficiency. I have around 80k in equity in my new home/primary res in VA? What can they do regarding the deficiency? There is no second, only a first? Can they take my primary home, or put a lien on it? As I said, the home I am losing is in CA. Nothing is late yet, so of course, the bank won'( talk to me.
Mini Profile  jameshogg

jameshogg


Joined: 20 Dec 2005
Posts: 5203
Location: nevada
651.69 Dollars($)
Post     Post subject:

Hi Guest,

Your lender can definitely put a lien on the primary property on which you have equity. As you are not late on the payments, the lender is not talking to you regarding that property. Generally lender would short sale the property if you are late on your mortgage payments. It would be better if you could list the property in the market and check out if you can get buyers for the property.

Thanks
pw


Guest




Post     Post subject: 2ND MORGAGE

I had bk on feb 2008 I have been paying both 1st and 2nd morgage the 1st is for 178,000 the second for 45,000 the house is worth 140,000 now.I just ran my credit report and it says my second was 00 out at the bk 17 months ago and no record of payments.I called the company and they said they can forclose if I don't make the payments.I think I should have stop paying at the bk.Do you think I should pay them more money or try to get the money back I paid after the bk? what should I do? Rolling Eyes
carmen


Guest




Post     Post subject: Forclosure

Hi I see that many people are in my situation. I had a partner who I purchased this home with. She decided after 5 years she wanted to leave so now I am faced with Forclosure. I have a 1st and 2nd also and have tried to modify my loans but it is still not enough. I don't want to walk away but have no choice. I have been looking for an apartment to live but not sure what will happen if I just leave.
Mini Profile  adonis

adonis


Joined: 22 Oct 2005
Posts: 4778
Location: ALASKA
263.32 Dollars($)
Post     Post subject:

Hi,

To pw,

Which chapter of bankruptcy did you file - Chapter 13 or Chapter 7? Did you reaffirm your mortgage if you filed for Chapter 7 bankruptcy? If you are making the mortgage payments regularly, you must have documents related to that. You should show that to your lender as well as the credit bureau and clear off the whole issue.

Hi carmen,

If you just leave the property, the lender will foreclose it and your credit score will get badly effected. In my opinion, you should speak to the lender about a deed in lieu. This will help you in selling off the property. Moreover, you will not be responsible for the deficient amount resulting from the sale of the property. However, your credit score will get reduced by 250 points. Once the deed in lieu is complete, you can rent a house for 2-3 years, build your credit and then try purchasing a new property.

_________________
Procrastination is the enemy of your financial success
toum


Guest




Post     Post subject: short sale

my first mortgage is 120,000 and my second mortgage is 9,000 i put my home in short sale do i have to pay my second mortgage help me please
Mini Profile  smithsussane

smith.sussane


Joined: 18 Sep 2008
Posts: 4546
Location: Alaska
445.32 Dollars($)
Post     Post subject:

Hi toum!

Welcome to forums!

Though your property goes for a short sale, you would be liable for the second mortgage. The second lender will have the rights to sue you for the deficient amount resulting from the sale of the property. If you are unable to pay the second mortgage dues, the lender may charge off the loan to a collection agency.

Feel free to ask if you've further queries.

Sussane
ccd


Guest




Post     Post subject: 2nd

The 2nd mortgage becomes an 'unsecured' debt - that is why the balance is sent to a collection agency. If you file bankruptcy there is the possibility to strip the 2nd. If the house is worth less than the 1st loan the 2nd is not able to foreclose.
Chris123


Guest




Post     Post subject: If I dont pay my second mortgage

If I stop making payments to my second, will it automaticly eventually go to a collection agency which can then be taken off in chapter 7?
Mini Profile  smithsussane

smith.sussane


Joined: 18 Sep 2008
Posts: 4546
Location: Alaska
445.32 Dollars($)
Post     Post subject:

Hi Chris!

Welcome to forums!

If you stop making payments on your second mortgage, it would depend upon your second lender whether he would send it to a collection agency or place a lien on your property. You need to contact your lender and inform about your hardship. The lender may give you some options to clear off the dues.

Feel free to ask if you've further queries.

Sussane
Mini Profile  sunnyca2009




Joined: 04 Aug 2009
Posts: 1735

35.94 Dollars($)
Post     Post subject:

The secodn lender can do foreclose on the property, but most of the time they may not do that becuase thye may not get anything

So there is good possibility that they can send it to collection agency or they may charge off
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