can the second mortgage holder foreclose on my home

"bout 15 days late each month, but the second is 7 months late. Can the second mortgage holder foreclose my home?"

Hi Jacque,

Welcome to Mortgagefit discussion board.

The 2nd mortgage company can foreclose but they will have to payoff the 1st mortgage from the amount recovered out of foreclosure sale.

If there is no equity in the house then 2nd mortgage company will not gain much by foreclosing and all the proceeds will go over to the 1st mortgage company.

Do let me know if you have any other questions.

Thanks
Blue

Jacque, are you aware of equity position of your house? Second mortgage won't opt for foreclosure if there is no equity in the house. He will not gain anything out by foreclosing if there is no equity in the house. All sale proceeds will go towards payoff of the first mortgage.

It is true that second lender will not come forward to start foreclosure if there is not enough equity in the house.

But he must be reporting your loan status to the credit bureaus and defaults on this second mortgage are pulling your score down.