Posted on: 05th Sep, 2009 10:38 am
I am paying on my first mortgage but not the full amount. I am behind completely on my second about 3 months. I am trying to catch up on my first to bring it up to date. Can my second begin forclosure even though my first is current?
Hi saddly!
Welcome to forums!
Your second lender can start the foreclosure procedure. However, you should also note that second lenders do not always foreclose the property as they would have to satisfy the mortgage dues of the first lender if they do so. There are chances that your second lender can charge off the loan to a collection agency. In my opinion, you should speak to your second lender and apply for a loan modification.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Your second lender can start the foreclosure procedure. However, you should also note that second lenders do not always foreclose the property as they would have to satisfy the mortgage dues of the first lender if they do so. There are chances that your second lender can charge off the loan to a collection agency. In my opinion, you should speak to your second lender and apply for a loan modification.
Feel free to ask if you've further queries.
Sussane