Posted on: 18th Apr, 2012 08:13 pm
i have a first and a second mortgage on the property with two different banks. the house is presently worth around $110 000. does any one think if i stop paying the second will they foreclose on me. the payments on first and second mortgage are up to date till now. i would like to stay in house for2- 2.5 years than move so my daughter has a good high school. thanks.
Welcome Geny,
The second mortgage lender has the rights to foreclose the property when you stop paying the mortgage. Nevertheless, in most cases they don't do so. They will rather charge off the loan and assign it to a collection agency.
The second mortgage lender has the rights to foreclose the property when you stop paying the mortgage. Nevertheless, in most cases they don't do so. They will rather charge off the loan and assign it to a collection agency.
Hi Geny!
Welcome to forums!
Adonis is correct. In most of the cases, the second mortgage lender won't foreclose the property. If they do so, then they will have to pay off the first mortgage in full before they can recover their own debts. Thus, in most of the cases, they charge of the loan and assign it to the collection agencies.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Adonis is correct. In most of the cases, the second mortgage lender won't foreclose the property. If they do so, then they will have to pay off the first mortgage in full before they can recover their own debts. Thus, in most of the cases, they charge of the loan and assign it to the collection agencies.
Feel free to ask if you've further queries.
Sussane