Posted on: 20th Feb, 2009 12:46 pm
I have an 80/20 loan on a home I purchased in 2000. In 2005, after a marriage of brief duration, I learned that my new husband had been lying about making mortgage payments, had drained my bank account, ruined my credit, and diverted funds earmarked form my bank account to one in his own name, leaving me in financial ruins.
Since that time I managed to save my house from sale at public auction twice, and from 2006 was making on-time payments to the primary mortgage companay in accordance with the repayment agreement. I remain current with them and have almost caught up with arrears on property taxes taken into escrow.
I was told by both the primary and subordinate mortgage companies that the subordinate mortgage company could not foreclose on my property. The mortgages are held by different banks.
My subordinate mortgage recently changed hands. I received a NOTICE OF INTENT TO FORECLOSE from an attorney stating that I had 10 days to pay the arrears to the bank now holding the smaller loan or that a Trust Deed foreclosure against my property would commence.
Can I lose my home when I am current on the primary mortgage? The payments I have been making to them are several hundred dollars higher than they were, and once I've payed off the arrears I will have enough to resume the regular payment to the smaller mortgage co., but there is no way I can come up with the arrears in just 10 days.
Please help!
Since that time I managed to save my house from sale at public auction twice, and from 2006 was making on-time payments to the primary mortgage companay in accordance with the repayment agreement. I remain current with them and have almost caught up with arrears on property taxes taken into escrow.
I was told by both the primary and subordinate mortgage companies that the subordinate mortgage company could not foreclose on my property. The mortgages are held by different banks.
My subordinate mortgage recently changed hands. I received a NOTICE OF INTENT TO FORECLOSE from an attorney stating that I had 10 days to pay the arrears to the bank now holding the smaller loan or that a Trust Deed foreclosure against my property would commence.
Can I lose my home when I am current on the primary mortgage? The payments I have been making to them are several hundred dollars higher than they were, and once I've payed off the arrears I will have enough to resume the regular payment to the smaller mortgage co., but there is no way I can come up with the arrears in just 10 days.
Please help!
Hi MO,
Though you are current on your first mortgage payments, the second lender may still foreclose the property. However, if the second lender forecloses the property, then he will have to satisfy the first loan.
In my opinion, you should immediately contact your second lender and try to negotiate with them. You can also contact an attorney who may help you in negotiating with the lender.
Take care.
Though you are current on your first mortgage payments, the second lender may still foreclose the property. However, if the second lender forecloses the property, then he will have to satisfy the first loan.
In my opinion, you should immediately contact your second lender and try to negotiate with them. You can also contact an attorney who may help you in negotiating with the lender.
Take care.