Posted on: 12th Jul, 2010 02:51 pm
i currently have a first and second mortgage with the same credit union, my question is since i'm already 2 months behind on my second mortgage, will the credit union take any action towards my home since its the same company, and or will it just go on my credit instead of having it against my first mortgage...i cannot afford this payment and im in desperate need to know what is going to happend since i know i wont be making the 2nd mortgage payments..please help
If you stop making your mortgage payments (1st or a 2nd mortgage) the lender may initiate foreclosure proceedings after you have gone late enough (usually 120 days late). You may want to look into getting a 2nd mortgage loan modification or short sale - call your credit union to find out what options they will give you.