Posted on: 07th Feb, 2014 03:46 pm
I have a first morgage of $176000. with one company that is currant and a 2nd morgage with another company for $47000 that I am 4 payments behind. My property is valued at about $75000 now. If the 2nd morgage forecloses will I lose my home or will they just put a lien on the property so that I won't be able to ever sell? Can the 2nd morgage take my home away from me. I live in Fl.
You're in a terrible situation. Yes, the second mortgage lender may foreclose your property. The first mortgage lender can't foreclose your property automatically. However, the lender would only be a fool to not foreclose the property.
In all probabilities, the first mortgage lender will strike out a deal with the second mortgage lender. In case your home is really foreclosed, the first mortgage will be satisfied first. The second mortgage lender will get the remaining money.
In all probabilities, the first mortgage lender will strike out a deal with the second mortgage lender. In case your home is really foreclosed, the first mortgage will be satisfied first. The second mortgage lender will get the remaining money.
The second can foreclose but it doesnt sound like there is anything there for them to collect if they do - the first lien holder gets paid first based on the amount owed - thats not to say the second lender wont try......
Good luck
Brian Barnes
ENG lending
Nationwide Lender
Good luck
Brian Barnes
ENG lending
Nationwide Lender
