Posted on: 15th Apr, 2009 07:09 am
My question is if I owe 145,000.00 on my second and 375,000.00 on my first. I have sent in all the info to the banks to start my laon mod if I only continue paying my first and not second can my second forclose on me knowing my house is only worth 275,000. and if the second puts a lean on my property how long will it be on my credit and how do I get it off my credit later. I do not want to throw good money to bad if in the end I will lose my house anyway?
Thanks
JWD
Thanks
JWD
They cannot forclose based on second loan. Since you still owe 375K on the first one.
if they sell the house for $400K, they have to pay the first $375k first before they take thier money.
But they may send it for collection if you stop makign payment on yoru second loan.
if they sell the house for $400K, they have to pay the first $375k first before they take thier money.
But they may send it for collection if you stop makign payment on yoru second loan.
The above answer is true.
A 2nd mortgage can file for foreclosure if they are not being paid, but it is not common, because when the property is sold the 1st mortgage will be paid and then what ever is left over will be paid to the 2nd mortgage, unless there is an IRS lien, in that case, the IRS comes first
FYI - the above response is from me, mtgfixit, I was not logged in, so it shows up as a guest
Thank you for taking the time and for your help