Posted on: 20th Sep, 2009 12:38 pm
can you loose your home if you have 1st and 2cd mortgage, behind on one of them
Yes that is highly possible
If you donot pay any one can foreclose on the house
If you donot pay any one can foreclose on the house
hi standleyo!
welcome to forums!
normally, if you are delinquent on your first mortgage, there are higher chances of a foreclosure. the first lender would simply foreclose the property to recover his dues and you would be liable to clear off the dues of the second lender after the sale. if you are delinquent on your second mortgage, then there are chances that the second lender would charge off the loan and sell it off to a collection agency. to know more, refer to the following page:
http://www.mortgagefit.com/know-how/secondloanchargeoff.html
feel free to ask if you've further queries.
sussane
welcome to forums!
normally, if you are delinquent on your first mortgage, there are higher chances of a foreclosure. the first lender would simply foreclose the property to recover his dues and you would be liable to clear off the dues of the second lender after the sale. if you are delinquent on your second mortgage, then there are chances that the second lender would charge off the loan and sell it off to a collection agency. to know more, refer to the following page:
http://www.mortgagefit.com/know-how/secondloanchargeoff.html
feel free to ask if you've further queries.
sussane