Posted on: 07th Oct, 2009 03:38 pm
i can no longer afford my second mortgage, if i stop paying on it what will happen
Probably the lender will try to foreclose the house
But the trcik is, this is a second mortage and they have pay the first lender before they can collect thier money
So better option is to ask for a loan modification with the seoncd lender or may be with both the lenders
But the trcik is, this is a second mortage and they have pay the first lender before they can collect thier money
So better option is to ask for a loan modification with the seoncd lender or may be with both the lenders
Hi vlopez!
Welcome to forums!
Apart from what Sunny has said, I want to add that if you stop paying the mortgage, the second mortgage lender can charge off the account. Once he charges off your account, a collection agency would collect the dues from you. The collection agency may harass you with continuous phone calls. It would be better if you could contact your second lender and negotiate for a payment plan so that you can pay off your dues.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Apart from what Sunny has said, I want to add that if you stop paying the mortgage, the second mortgage lender can charge off the account. Once he charges off your account, a collection agency would collect the dues from you. The collection agency may harass you with continuous phone calls. It would be better if you could contact your second lender and negotiate for a payment plan so that you can pay off your dues.
Feel free to ask if you've further queries.
Sussane
If you are not able to afford the payment then better contact the second lender and ask him for the modification.But if you just ignore this then second lender will charge off and it will further decrease your score ...which will put you in a bad trap of debt over and over again.
keep in touch....
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keep in touch....
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