Posted on: 15th May, 2009 08:35 am
I have a 1st and 2nd mortgage. I am up-to-date on the first one and was recently approved for a loan modification. I am behind on my 2nd mortgage for few months now. Can the 2nd mortgage foreclose my house? Please advise. Thanks!
yes, they certainly could begin a foreclosure. second mortgagees are a little less likely to do so these days because of value issues, of course.
Guest best option at this time is call your second and ask them for modification. Normally they would do it after the first oen completes and they will look at your finances and make changes if they think it is necessary or you can make payments.
modification is really a good alternative but you have mentioned that you are current on your first mortgage so first mortgage company will be little reluctant for modification.
Better you send modification letter to second lender.
Better you send modification letter to second lender.