Posted on: 07th Jan, 2009 08:17 am
I have a question and need help on what to do. My Roomate and I both own the house. His name is on the first mortgage, mine is on the 2nd one. I need to get out of the 2nd mortgage. If I forclose on the 2nd mortgage what would happen to the 1st mortgage? How bad does a forclosure hurt your credit score. Any help would be appreciated or who to talk to about this. Thanks
i question the validity of the mortgages if you are the only obligor on one and he is the only obligor on the other. what kind of lender made these loans?
you cannot foreclose on a mortgage; only the lender in question can begin the foreclosure action.
if you stop paying on the second mortgage, that lender will get upset and perhaps find it necessary to take action, which could lead to foreclosure.
you cannot foreclose on a mortgage; only the lender in question can begin the foreclosure action.
if you stop paying on the second mortgage, that lender will get upset and perhaps find it necessary to take action, which could lead to foreclosure.