Posted on: 24th Aug, 2011 11:36 am
hi george,
my first home is valued at 135k by my first mortgage company & my current balance is 133kand my payments are current , i owe 75k on my second mortgage of which i have stopped making payments.
my question is, does this constitute as a hose under water? i am in the process of writing a complain to the state banking ; i am unsure what the results will be but i am totally lost as to which way to turn.
my first home is valued at 135k by my first mortgage company & my current balance is 133kand my payments are current , i owe 75k on my second mortgage of which i have stopped making payments.
my question is, does this constitute as a hose under water? i am in the process of writing a complain to the state banking ; i am unsure what the results will be but i am totally lost as to which way to turn.
Hi Guest,
If your current balance including the first and second mortgage is 133k and the home value is 135k, then your property is still not underwater. However, as you've stopped paying the second mortgage, with time your property can go underwater.
If your current balance including the first and second mortgage is 133k and the home value is 135k, then your property is still not underwater. However, as you've stopped paying the second mortgage, with time your property can go underwater.
There is a big chance that your property can go underwater, you have to get help from an expert on what should be the best thing to do to solve your problem since you haven't clearly stated every detail that are needed to analyze your situation.
>>I owe 75K on my second mortgage of which I have stopped making payments.
This Lender will start foreclosure proceedings if you continue to not pay them.
>>does this constitute as a hose under water?
It means you owe more then your house is worth.
>>I am in the process of writing a complain to the state banking
Why? What is your complaint?
>>I am unsure what the results will be but i am totally lost as to which way to turn.
You need to start making payments to the leinholder of your second mortgage, or they're going to foreclosure on you.
This Lender will start foreclosure proceedings if you continue to not pay them.
>>does this constitute as a hose under water?
It means you owe more then your house is worth.
>>I am in the process of writing a complain to the state banking
Why? What is your complaint?
>>I am unsure what the results will be but i am totally lost as to which way to turn.
You need to start making payments to the leinholder of your second mortgage, or they're going to foreclosure on you.
I don't quite get the complaint aspect of this, either. Is it that you borrowed too much money? That's not something a banking commissioner can rectify, nor even address, frankly. That's a decision you made, supposedly willingly. Raymond is, of course, correct in noting that a foreclosure is nigh if you continue to withhold payment from the second mortgagee.
