Posted on: 09th Jun, 2009 01:25 pm
i have two loans from indy mac(one west ,now),first is 559,000$
the second is for 109,000......
if i stop paying the second,will they
A. charge it off
B.foreclose on me, since they hold the first note also.
C. Forget bout it an just make sure i am current on firs??
p.s. I am current on both mortgages, and figure this could be my own way of modifying my own loan..
Thank you for any comments they are DEEPLY appreciated.
CHEERS
the second is for 109,000......
if i stop paying the second,will they
A. charge it off
B.foreclose on me, since they hold the first note also.
C. Forget bout it an just make sure i am current on firs??
p.s. I am current on both mortgages, and figure this could be my own way of modifying my own loan..
Thank you for any comments they are DEEPLY appreciated.
CHEERS
Hi jesse,
If you stop paying the second mortgage, the lender will have the right to charge off the loan. Once the lender charges off the loan, a collection agency will collect the dues from you. This will have a bad effect on your credit report. Apart from this, it will stay in your credit report for the next 7 years as any other negative items.
If you are facing hardship, you should contact your lender and apply for a loan modification. The lender will judge your situation and then decide whether he would accept your request or not.
If you stop paying the second mortgage, the lender will have the right to charge off the loan. Once the lender charges off the loan, a collection agency will collect the dues from you. This will have a bad effect on your credit report. Apart from this, it will stay in your credit report for the next 7 years as any other negative items.
If you are facing hardship, you should contact your lender and apply for a loan modification. The lender will judge your situation and then decide whether he would accept your request or not.