Posted on: 14th Jun, 2009 06:32 pm
hi all,
i applied for loan modification to both the lenders means i have to loans 80% and 20%. i am thinking for future plan, my both the loans are fixed 30 yrs. suppose both lenders will not aggree to modified my loans, if i will stop payment then second loan lender will come behind me for collection because i refinanced my second mortgage three years ago and got fixed .some body was telling me if both the lenders are your first lenders means i got the loan at the same time then there is no problem to foreclose your property if you refinance then that lender can come behind you for payment. please give me advise . what should i do?
i applied for loan modification to both the lenders means i have to loans 80% and 20%. i am thinking for future plan, my both the loans are fixed 30 yrs. suppose both lenders will not aggree to modified my loans, if i will stop payment then second loan lender will come behind me for collection because i refinanced my second mortgage three years ago and got fixed .some body was telling me if both the lenders are your first lenders means i got the loan at the same time then there is no problem to foreclose your property if you refinance then that lender can come behind you for payment. please give me advise . what should i do?
Hi punjabi,
If the property is foreclosed, the second mortgage holder can come after you for collection. If both the mortgages are hold by the same lender, chances are there that the second mortgage could be forgiven. But it may not be forgiven, depending on your lender. If the lenders come after you for the second, you will still have the opportunity to negotiate with them and settle the debt for less than what is owed. You can also work out a payment plan with them and pay off the debt over a certain period of time.
If the property is foreclosed, the second mortgage holder can come after you for collection. If both the mortgages are hold by the same lender, chances are there that the second mortgage could be forgiven. But it may not be forgiven, depending on your lender. If the lenders come after you for the second, you will still have the opportunity to negotiate with them and settle the debt for less than what is owed. You can also work out a payment plan with them and pay off the debt over a certain period of time.
punjabi1961
Welcoem to the forum
when you have two lenders and your house goes in to foreclosure then the first lender will some times can work with the second lender and work out some thing. They will negotiate with the second lender to pay them some amount and minimize thier losses. But ti may not be true in every ones situation
But the seocnd lender can send the deficinet amount to collection and you will be liable to pay it. You will need to negotiate with the collection agnecy to lower the amount
Good luck and feel free to ask
Welcoem to the forum
when you have two lenders and your house goes in to foreclosure then the first lender will some times can work with the second lender and work out some thing. They will negotiate with the second lender to pay them some amount and minimize thier losses. But ti may not be true in every ones situation
But the seocnd lender can send the deficinet amount to collection and you will be liable to pay it. You will need to negotiate with the collection agnecy to lower the amount
Good luck and feel free to ask