Posted on: 19th Apr, 2009 05:06 pm
My questgion is if I owe 375,000. on my first and 145,000. on my second and my house is worth only 275,000. Can I just continue paying my first and continue living in my house with out the second forclosing on me and how long does the lien on the second stay on my credit?
Thanks for the help....
Thanks for the help....
hi jwd,
if you continue paying the first mortgage and stop making payments for the second, the second mortgage holder will, most probably, not foreclose on the property. this is because the property is upside down and there will hardly be anything left for the second mortgage holder after a foreclosure, after paying off the first lender. so, the second lender is not expected to foreclose on your property. but they can place lien on it and it will stay on your credit until it is paid off.
if you continue paying the first mortgage and stop making payments for the second, the second mortgage holder will, most probably, not foreclose on the property. this is because the property is upside down and there will hardly be anything left for the second mortgage holder after a foreclosure, after paying off the first lender. so, the second lender is not expected to foreclose on your property. but they can place lien on it and it will stay on your credit until it is paid off.