Posted on: 01st Jun, 2010 04:13 pm
Hello and thanks in advance.
I am 8 months behind(Minus 2 partial payments on my first in the past 2 months)on my 1st mortgage and current(No lates)on my 2nd.
I tried to do a loan modification but it didnt happen(On the first). I am trying to get back on my feet and start paying the first again, but my question is, can they repossess my home if I am late on 1st payments but current on my 1nd mortgage? I live in California.
Thanks again.
I am 8 months behind(Minus 2 partial payments on my first in the past 2 months)on my 1st mortgage and current(No lates)on my 2nd.
I tried to do a loan modification but it didnt happen(On the first). I am trying to get back on my feet and start paying the first again, but my question is, can they repossess my home if I am late on 1st payments but current on my 1nd mortgage? I live in California.
Thanks again.
hi pete,
the first lender has the rights to recover his dues if you do not pay it on time. in order to do that, the lender can repossesses the property though you are current on your second mortgage payments. the second mortgage will remain subordinate to your first one and thus the first lender will have greater rights to collect his dues.
thanks
the first lender has the rights to recover his dues if you do not pay it on time. in order to do that, the lender can repossesses the property though you are current on your second mortgage payments. the second mortgage will remain subordinate to your first one and thus the first lender will have greater rights to collect his dues.
thanks