Posted on: 10th Mar, 2009 07:28 am
i have a 1st and 2nd mortgage on my house in ca., i am working on a short sale and have 2 offers but it is taking a long time for my 1st mortgage to accept or counter offer. i am 4 months behind on my 1st and 3 months behind on my 2nd. my second called me today and said that i need to get current on there payments or they will proceed with forcloser proceedings. i told them that i have 2 short sale offers with the 1st mortgage but it has not been approved yet. 2nd stated that i need to still make payments to keep them current, if not they will start forcloser proceedings on the property.
can the 2nd do this before the 1st mortgage did not start forcloser proceeders yet.
i was told that if the 2nd mortgage wants to proceed with forcloser proceedings they would need to buy the 1st mortgage and then be able to start proceeds. can the 2nd start forcloser like they are saying.
i no longer live in ca. i am now in fa. but have property listed with a realator in ca.
property value has dropped $200,000.00 so i can not refinance i am way upside down on the property.
can anyone help me on this question
thanks
can the 2nd do this before the 1st mortgage did not start forcloser proceeders yet.
i was told that if the 2nd mortgage wants to proceed with forcloser proceedings they would need to buy the 1st mortgage and then be able to start proceeds. can the 2nd start forcloser like they are saying.
i no longer live in ca. i am now in fa. but have property listed with a realator in ca.
property value has dropped $200,000.00 so i can not refinance i am way upside down on the property.
can anyone help me on this question
thanks
hi
i don't think the second mortgage company can start foreclosure proceedings. the first mortgage company has the first right to foreclose on the property. the second mortgae holder can obtain a deficiency judgement against you and may garnish your wages, but cannot foreclose on the property before the first mortgage company.
i don't think the second mortgage company can start foreclosure proceedings. the first mortgage company has the first right to foreclose on the property. the second mortgae holder can obtain a deficiency judgement against you and may garnish your wages, but cannot foreclose on the property before the first mortgage company.
I have 1st and a 2nd I am in a work out the 1st and the 2nd has set a sale date they would reinstate but they want 50k to do it. A lawyer wants 5k to negoate and I have to many llc in good standing to file bankrp and if did he wants 50k to do that. I have about 300k in equity in my home that I lived in for 10yrs and until march 2010 never missed a payment. I just don't know what to do. :shock:
Hi furuno!
Welcome to forums!
I don't think it will be a good option to go for bankruptcy as you've equity in your property. You can negotiate with your lenders on your own and check out if they are ready to reduce the amount for reinstatement so that it becomes affordable for you to pay off the debt.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
I don't think it will be a good option to go for bankruptcy as you've equity in your property. You can negotiate with your lenders on your own and check out if they are ready to reduce the amount for reinstatement so that it becomes affordable for you to pay off the debt.
Feel free to ask if you've further queries.
Sussane