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2 mortgages

Posted on: 31st Aug, 2009 02:56 pm
i have 2 mortgages in my primary home.
i am late already waiting for a loan modification.
the first one boa just decrease $150 a month for a trial period.
and the second regions $90 a month
this is not going to work .
i decide not to pay because i can not afford the payments.
what will happen if i start a short sale?
i have to pay may second mortgage?
how i can stop foreclosure untill i sale my property?
For you to start he short sale process you need to get the approval from the bank

If you are able to do short sal,e if you need to pay the deficient amoutn to the second lender will depends on how you negotiate the terams

Only way to stop the foreclsoure would be to make the payments reqularly
Posted on: 31st Aug, 2009 05:30 pm
Hi jfa,

You should contact your lenders and inform them that you won't be able to afford the payments as per the new plan and apply for a short sale. If the lender considers your request, he would inform you about the steps you need to take. Once your short sale request is accepted, your foreclosure would get stalled.

As far as you second mortgage is concerned, you would be liable for it after the short sale. The second lender will sue you if you are unable to pay off the dues. After the short sale is complete, you should negotiate with your second lender so that he gives you an affordable payment plan to pay off the dues. However, you should note that a short sale can lower your credit score. To know about how short sale affects your credit score, check out the following page:
http://www.mortgagefit.com/discuss/shortsale-crediteffect.html

Thanks
Posted on: 31st Aug, 2009 07:32 pm
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