Posted on: 12th Feb, 2010 07:39 am
Like many we are faced with a 1st and 2nd mortgage that exceed the current home value. We are considering stop paying our 2nd mortgage in an effort to re-negotiate the value. Our 1st is for 250k and our 2nd in for 230k and our home may be worth 450k right now. Our concern is about the relative closeness value between the amount owed on the 1st and 2nd and will that make re-negotiating with the 2nd less likely or impossible. To this point we have remained current while only paying the interest portion on the loan.
hi andy,
if you completely stop paying your second mortgage dues, then the second lender will have the rights to take actions against you. before stopping your payments, i would suggest you to speak to your lender and negotiate about your debts. may be the lender can offer you a loan modification or a better payment plan to pay off the dues.
if you completely stop paying your second mortgage dues, then the second lender will have the rights to take actions against you. before stopping your payments, i would suggest you to speak to your lender and negotiate about your debts. may be the lender can offer you a loan modification or a better payment plan to pay off the dues.