Posted on: 20th Jun, 2010 11:47 am
The first home I have a first and second mortage, and on my second just my mortage payment. I am curently paying mortage on 2nd home and 1st mortage on 1st home so that leaves 2nd mortage on 1st home to be paid. I have tried renting 1st home out for what I pay on the 2nd mortgage but having a hard time renting it out and I can't afford to pay all 3 mortages. I will have first mortage on 1st home paid in a couple of years and then will try to sell the house. What are my alternatives to pay off 2nd mortage on 1st house? Please help! I am single and it is hard to pay all 3. What can I do??? Thanks
hi midgasweety,
if you do not pay off the second mortgage on your first property, you won't be able to save it. if the lender does not receives the dues on time, then he can charge off the account and assign it to a collection agency. i would suggest you to get in touch with your second mortgage lender and request him to modify your mortgage. if he agrees for a loan modification, then you may get a better payment plan to pay off the dues. however, your loan term may get increased.
if you do not pay off the second mortgage on your first property, you won't be able to save it. if the lender does not receives the dues on time, then he can charge off the account and assign it to a collection agency. i would suggest you to get in touch with your second mortgage lender and request him to modify your mortgage. if he agrees for a loan modification, then you may get a better payment plan to pay off the dues. however, your loan term may get increased.