Posted on: 03rd Apr, 2010 11:03 pm
I have a third on my home, what happens if I stop paying on the third, and continue to pay on the second and first.
welcome guest,
the third lender will charge off the loan. a collection agency will in turn collect the dues from you. this will have a negative affect on your credit report and it will also lower your credit score by certain points. the third lender also has the rights to foreclose the property. however, if he does so, he will have to satisfy the first and the second mortgage.
the third lender will charge off the loan. a collection agency will in turn collect the dues from you. this will have a negative affect on your credit report and it will also lower your credit score by certain points. the third lender also has the rights to foreclose the property. however, if he does so, he will have to satisfy the first and the second mortgage.