Posted on: 12th Mar, 2009 04:47 am
I owe $ 50K on a 2nd Mortgage on my property. I can't continue pay this loan. The 1st mortage balance in $ 250K. My property lost $ 160K in value and it is noe around $ 190K.
What can the 2nd mortgage bank do to me if I stop paying them ??
What can the 2nd mortgage bank do to me if I stop paying them ??
hi guest,
if you stop payments on your second mortgage, it would not help your cause. the second lender will have the right to foreclose the property. however, in that case, he will have to satisfy the debts of the first mortgage lender. thus, most of the second lenders do not foreclose the property. rather, they may charge off the loan to a third party collection agency who will in turn collect the dues from you.
thanks
if you stop payments on your second mortgage, it would not help your cause. the second lender will have the right to foreclose the property. however, in that case, he will have to satisfy the debts of the first mortgage lender. thus, most of the second lenders do not foreclose the property. rather, they may charge off the loan to a third party collection agency who will in turn collect the dues from you.
thanks