Posted on: 28th Nov, 2008 12:46 pm
We have a first of 300,000. A second of 70,000 { a line of credit} The value of the house has gone to 1/2, 200,000.
We have kept up the first, of 1,000 mo, but unable to pay the line of credit. My q. is, can the 2nd foreclose?
We have kept up the first, of 1,000 mo, but unable to pay the line of credit. My q. is, can the 2nd foreclose?
Yes they can foreclose on the house....but it will not be in their best interest to do so.
The first lender will get the money before the 2nd lender see anything.
The first lender will get the money before the 2nd lender see anything.
they can definitely foreclose, but would have to pay off your first mortgage in the process.
the second mortgage holder can still sue you, but it sounds like that is not your biggest worry right now. good luck fighting your way through it. many people are in the same situation these days.
the second mortgage holder can still sue you, but it sounds like that is not your biggest worry right now. good luck fighting your way through it. many people are in the same situation these days.
We have a heloc line of credit on our morgage, we have kept up the 1st, but the line of credit hasnt been paid in 7 or 8 mo. the 2nd is 70,000
and the house is prob worth 250,000. They sent a letter to start forclosure.
What can we do?
and the house is prob worth 250,000. They sent a letter to start forclosure.
What can we do?
