help with mortgage foreclosure
Can your second mortgage foreclosure your house?
Here is my question, I have a primary mortgage that is $350,000 and a second mortgage that is $150,000. I tried to get a loan modification but I was not approved because of the value of the house, only $380,000 now.
My question is, if I keep on paying the primary mortgage and don’t pay the second mortgage what will happen? Can the second mortgage take the house to foreclosure?
I’m trying to negotiate with the second mortgage to reduce the payment, but it doesn’t look like they will.
Any help it would be good.
Thank you
What they do is foreclose. The first will get all of the money from the foreclosure, but that then allows then to take recourse, and a second is full recourse. They will use other means to recover the 150k you stuffed in your pocket. They can not start the process of getting that from you if they do not foreclose first.
part 2 – Obama Mortgage Plan Foreclosure help – Saxon Mortgage – Bierman, Geesing & Ward, LLC
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Navigating the foreclosure process: here are some tips that could help protect lenders faced with foreclosing on condominium projects.(Legal): An article from: Mortgage Banking $9.95 This digital document is an article from Mortgage Banking, published by Mortgage Bankers Association of America on April 1, 2009. The length of the article is 2911 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available immediately after purchase. You can view it with any web browser.Citation DetailsTitle: Navigating the fore… |
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