Posted on: 27th Sep, 2010 12:16 pm
our house is valued at $150000- we owe $220000. i can no longer pay my 2nd mortgage, and am looking to meet with a bankruptcy attorney regarding credit card debt.
i cannot have my wages garnished, as we still have a 1st mortgage, and other bills.
i tried calling my second mortgage, and they said they are unwilling to do anything unless i become delinquent. will we be foreclosed upon if we dont pay the 2nd mortgage?
i cannot have my wages garnished, as we still have a 1st mortgage, and other bills.
i tried calling my second mortgage, and they said they are unwilling to do anything unless i become delinquent. will we be foreclosed upon if we dont pay the 2nd mortgage?
Hi Guest,
If you don't pay your second mortgage balance, then the lender can foreclose the property. However, if he does so, then he'll be liable for paying the dues of the first mortgage lender before he satisfies his own mortgage. Thus, in most cases, the second lender doesn't foreclose the property. Rather he will charge off the mortgage and may assign it to a collection agency.
Thanks,
Jerry
If you don't pay your second mortgage balance, then the lender can foreclose the property. However, if he does so, then he'll be liable for paying the dues of the first mortgage lender before he satisfies his own mortgage. Thus, in most cases, the second lender doesn't foreclose the property. Rather he will charge off the mortgage and may assign it to a collection agency.
Thanks,
Jerry