Posted on: 30th Sep, 2009 04:47 pm
my husband and i live in florida. we have a first and second mortgage on our home. during 2008 we had several problems that caused us to go into bankruptcy. i am at this time trying to get a loan modification on my 1st mortgage but the second one has been boughtby greentree. they are harrasing me daily about 2 missed payments on my second mortgage in 2008. i have tried to tell them that my son passed away and i had expense of a funeral. that does not help they still harrass. my question is what would happen if i stopped paying my second mortage? when i went into bankrutcy it was covered in that but i still have to pay.
If you stop paying any debt there will be bad side effects for you - how big is the debt, is there any way that you can start making the payments? Have you spoken to Greentree about perhaps paying interest only for a while?
Do not stop paying your second mortgage. It will only get worse for you.
you are going for loan modification for first loan. it means you want to continue with house.
in that case you have to pay second mortgage as well.
in that case you have to pay second mortgage as well.
Hi Elizabeth,
If your second mortgage was discharged through bankruptcy, you no longer owe the money. But in order to keep the house, you need to make payments and pay off the debt. The second loan holder can foreclose on your property to satisfy their mortgage lien. Thus, if you want to keep the house, you should talk with the lender and check out if you can set up some kind of a repayment plan to pay off the debt within a specific period of time.
If your second mortgage was discharged through bankruptcy, you no longer owe the money. But in order to keep the house, you need to make payments and pay off the debt. The second loan holder can foreclose on your property to satisfy their mortgage lien. Thus, if you want to keep the house, you should talk with the lender and check out if you can set up some kind of a repayment plan to pay off the debt within a specific period of time.