Posted on: 03rd Oct, 2013 05:24 am
We had the first loan modified and the second lien holder is threatening foreclosure even though we have been trying for over a year to have them modified this loan due to our current financial situation. Is there anything that can be done
Hi Arlene.
You should try and convince the second mortgage lender about your situation so that you can avoid foreclosure. Unless you can convince the lender, things will be tough for you.
Thanks
You should try and convince the second mortgage lender about your situation so that you can avoid foreclosure. Unless you can convince the lender, things will be tough for you.
Thanks
Welcome Arlene,
In most cases, the second mortgage lender does not foreclose the property as he becomes responsible for paying off the first mortgage lender. Rather, he will charge off the loan and assign it to a collection agency.
In most cases, the second mortgage lender does not foreclose the property as he becomes responsible for paying off the first mortgage lender. Rather, he will charge off the loan and assign it to a collection agency.