Posted on: 04th Aug, 2010 08:38 am
i need helpful information. my second mortgage matured on my home but a balance of close to $6000 remains. (we had a similar situation with our first mortgage but we just continued making our regular monthly payments until it was paid off.) we contacted the mortgage company to verify we could do this and were told no, we needed to pay in full!!! we inform them that we would be putting the monthly payments into an account until we have the full amount due since we do not have the $6000 to pay off the mortgage. my question is can they foreclose on the house? we have about another 8 months before we have the amount needed to pay off this.
any advice is greatly appreciated.
any advice is greatly appreciated.
Hi sylvia!
Welcome to forums!
As the lender has demanded the payments in full, he can foreclose the property if you do not make the payments immediately. I would suggest you to negotiate with the lender and let him know the time period that you would require to pay off the dues. If the lender is convinced about your situation, he would consider your request.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As the lender has demanded the payments in full, he can foreclose the property if you do not make the payments immediately. I would suggest you to negotiate with the lender and let him know the time period that you would require to pay off the dues. If the lender is convinced about your situation, he would consider your request.
Feel free to ask if you've further queries.
Sussane