Posted on: 26th Feb, 2009 06:02 pm
help! we are 90 days past due with our second mortgage but have been able to stay current with our first mortgage. both loans are through different companies, what could our second mortgage company do to us? could we lose our house?
Hi Cheeks,
The second mortgage lender will have the right to foreclose the property. But while doing so, he will have to satisfy the first loan. In my opinion, you should contact the lender and inform him about your hardship. You can check out the option of loan modification with the second lender.
Thanks
The second mortgage lender will have the right to foreclose the property. But while doing so, he will have to satisfy the first loan. In my opinion, you should contact the lender and inform him about your hardship. You can check out the option of loan modification with the second lender.
Thanks