what happens if I dont make all of my payment to 2nd mortgag

my husband is the mortgage holder i did not sign the house has gone in forclosure 4 days ago, what happens to me the wife i'm responsible for that debt do i have to leave the house will i get kicked out???

Welcome mary,

If your name is not on the mortgage, then you will not be affected by the foreclosure. But you will have to move out of the property once the foreclosure sale is complete.

We owe $650,000 on 1st and $140,000 on 2nd. This makes us upside down on home. Probably worth $750,000. for sale for around 15 months. Hardly any showings. Have made payments on time but that will not be able to continue. Should we just try to pay on first, or what can we do?

hi debra!

welcome to forums!

if you stop making payments on the second mortgage, the second lender will have the right to foreclose the property. however, if the second lender forecloses the property, he will have to satisfy the first lender. so in most cases, the second lender do not foreclose the property. rather they may charge off the loan to a third party collection agency.

sussane

I am making payments on time on both the 1st and 2nd mortagages after bankruptcy but did not reaffirm them. If we are late on a payment can they do anything? I'm just concerned if we ever had to make one late they could take the house. Is that the case? Or will they accept a late payment? I'm not talking a 2 months late or anything. Just over 30 days late.

Hi Dianne,

As you did not reaffirm the loan, you are not personally liable to pay off the debts. I don't think the lender would do anything if you are late on your payments for a month or so.

Thanks

My husband lost his job and we had to file chapter 13 last August. We are no longer in our home because it was to be surrendered in the bk. It is scheduled to go up for sheriff's sale in May. Our first mortgage co. is sending us a loan modification and swears that the second mortgage has been discharged. Our attorney tells us that nothing is discharged until after the five years of the chapter 13 have gone by and feels that at that time the second lien holder may forclose on the house if we don't make the payments. The first and second lien are held by the same mortgage company but they seem to be unable to coordinate a loan modification for both mortgages. The loan modification on the first mortgage is very tempting because we can afford it and then we could return to the house we love. It is the only thing that we have left to really call our own. Does the second mortgage ever really get discharged? Will we have to pay on the second mortgage during the five years of bk? Even though it says it is "discharged" on our credit report, the lien still exists, right? Please help us! We just can't seem to trust the mortgage company because they are telling us that we will only have to pay the first mortgage amount. Who has the answers that we need?

Hi gensi,

As both the mortgages are owned by the same lender, there is a chance that the lender would forgive your second loan. Yes, you are correct that the lien still exists. I would suggest you to speak to your lender and clarify things first. May be you can ask the lender for a written document stating that they would not charge you for the second loan.

Thanks

I have a second mortgage with HSBC the interst rate is very high 11% my first is about 5.75 Right now I am not late but I ccant pay my credit cards and I dont know what to do.

As your situation i will suggest you should pay off second mortgage

hi cath!

welcome to forums!

as you are not delinquent on your mortgage payments, you should apply for a refinance and check out if the lender accepts it. if the lender accepts it, you would be able to refinance both the mortgages into one single mortgage at a lower rate. thus, it would become easier for you to pay off the loan.

feel free to ask if you've further queries.

sussane

our chapter 7 bankruptcy was discharged 2 yrs ago. we have a 1sr and 2nd mortgage. 2nd is with citi. never missed a payment. started sending extra for the principal. they have started misapplying our payments. we keep getting statements from citi saying "this is not a bill." based on all of the facts above, do we have to keep paying citi or can we stop making payments?

Did you reaffirm the loans while you filed Chapter 7? If not, then you're not personally liable for paying the mortgage dues. However, the lender still holds the lien on the property and can foreclose it to recover the dues if you stop paying. If you've reaffirmed the loan, then you are personally liable to pay off the dues.

If we have a home worth 230 and a first for 190K and a 2nd for 28K. If we dont pay the second can the start foreclosure. We purchased the house for 135 less than 5 years ago but did some work. We do not live in a desireable area. I would think if an appraisal was don today it would say our home is worth 180K. This whole Obama new mortgage program is a joke. I have tried and tried to workwith our 1st mortgage company which is a fixed 30 yr at 9%. Our second is at like 14%. Our income and credit are in the drink. I cant see them paying off ASC for 190K to collect 28K. FYI being self employed was great the last 7 years. Now it sucks. Can't prove I make enough to redo our mortgage.

[Email address deleted as per forum rules. Thanks.]

Welcome Pittirish,

If you do not pay the second loan, the lender will have the rights to foreclose the property. However, in that case, he will have to satisfy the first mortgage. Second mortgage lenders do not generally foreclose the property, they can charge off the loan and send it to collections.