Posted on: 28th Feb, 2011 09:24 am
My son has not paid on his 1st Mortgage for almost a year. He has been paying on his second. His ex wife was granted some money from their equity and he was supposed to get the house refinanced within a year after the divorce. He has not done that since he has terrible credit. Acording to the court documents the house is in forclosure, but he has not heard anything for quite some time from the Lender. Is no news good news? Or, should he be worried? He says that since they havent contacted him, they arent going through with the foreclosure. Is he dreaming? I think so. one more thing. Can the Gov take any refund he might get on his Taxes?
Hi ANNIE!
Welcome to forums!
If your son is not paying off the first lender, then the lender can initiate the foreclosure proceedings. If your son wants to save the property, then he can contact the first lender and request for a loan modification. If the lender agrees to his request, then your son will be able to save the property.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If your son is not paying off the first lender, then the lender can initiate the foreclosure proceedings. If your son wants to save the property, then he can contact the first lender and request for a loan modification. If the lender agrees to his request, then your son will be able to save the property.
Feel free to ask if you've further queries.
Sussane
hello. not only is he messing his credit up by not refinancing the ex wife but also her credit. he is still responsible to pay for the mortgage even if he has not. if he wants the property then why not try to make payments, why would he pay his second but not the first? that doesn't make any sense at all. no point in paying a second mortgage if you are not making the first mortgage payment. they can sell the property