Posted on: 14th Dec, 2008 09:09 am
If the 1st and 2nd mortgage is held by the same bank, does that make a difference. I noticed in several of your answers you mentioned that the "junior" mortgage holder may cause a problem.
hi huntj!
welcome to forums!
if the same bank holds both the mortgages, then i don't think there will be much problem. but you should definitely ask the lender whether they will be charging off the second mortgage or not. if they charge off the second mortgage, then you will have to pay the second mortgage dues to the collection agency. but if the lender forgives your second mortgage, then you will have pay taxes on that because the irs will consider the forgiven amount as your income.
feel free to ask if you have further queries.
sussane
welcome to forums!
if the same bank holds both the mortgages, then i don't think there will be much problem. but you should definitely ask the lender whether they will be charging off the second mortgage or not. if they charge off the second mortgage, then you will have to pay the second mortgage dues to the collection agency. but if the lender forgives your second mortgage, then you will have pay taxes on that because the irs will consider the forgiven amount as your income.
feel free to ask if you have further queries.
sussane