Posted on: 06th Jan, 2009 08:27 pm
I am foreclosing on my 1st mortgage and have a HELOC on this property. The HELOC is with another morgage broker. So, there are two difference loans. Can I stop paying on the 2nd mortgage since the 1st mortgage is being foreclosed?
Hi Lou!
Welcome to forums!
Though the first mortgage lender has foreclosed on the property, you will still owe the HELOC to the second lender. The second lender will have the right to collect the debts from you. So I don't think you should stop paying the second lender.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
Though the first mortgage lender has foreclosed on the property, you will still owe the HELOC to the second lender. The second lender will have the right to collect the debts from you. So I don't think you should stop paying the second lender.
Feel free to ask if you have further queries.
Sussane