Posted on: 09th Nov, 2009 07:14 am
I live in my dads house which I inherieted since I'm the only child. He has a 30 year mortage and then took out a 2nd for a pool which my name is on and now my husband has left so I'm running really short of finances what will happen if I don't pay my 2nd mortage I owe 16,000 on and I owe 56,000 on the 1st what will they do to me if it gets to the point I can't pay will the 2nd foreclose? I'm good on the 1st one.
Hi cindy,
Your second lender has the right to recover his dues from you. He can foreclose the property if he wants. However, the second lender will have to pay off the dues of the first lender in order to foreclose your property. Thus, there are chances that the second lender would charge off the loan to a third party rather than foreclose it. The collection agency will in turn harass you for the payments.
I would suggest you to contact your second lender and apply for a loan modification or a settlement with them. If the lender accepts your request, it would be easier for you to pay off the loan.
Thanks
Your second lender has the right to recover his dues from you. He can foreclose the property if he wants. However, the second lender will have to pay off the dues of the first lender in order to foreclose your property. Thus, there are chances that the second lender would charge off the loan to a third party rather than foreclose it. The collection agency will in turn harass you for the payments.
I would suggest you to contact your second lender and apply for a loan modification or a settlement with them. If the lender accepts your request, it would be easier for you to pay off the loan.
Thanks
You know that, the mortgager don't loss his money. I think that you talk with both mortgager about your financial problem. If someone will be agree for loan modification it will be good for you. If 1st one mortgager is good then you can talk with 2nd mortgager.
Good Luck.........
8)
Good Luck.........
8)