Posted on: 30th Aug, 2010 06:59 am
Our first loan was re-modified, and we tried to re-modify our 2nd mortgage, but were turned down. We probably could sell the house and pay both mortgages and come out with some extra money.
But if I try to make some sort of payment (one half) on my second martgage, can they still forclose? I owe $600 per month on 2nd. but can only pay $300.
Also, how long do we have in the house if they won't except that? I've seen 150-180 days somewhere.
Any other advice for our situation would be appreciated.
Thanks.
Rob
But if I try to make some sort of payment (one half) on my second martgage, can they still forclose? I owe $600 per month on 2nd. but can only pay $300.
Also, how long do we have in the house if they won't except that? I've seen 150-180 days somewhere.
Any other advice for our situation would be appreciated.
Thanks.
Rob
hi robrendajr!
welcome to forums!
unless regular mortgage payments are made on time, your mortgage accounts will not be considered as current and the lenders will have the rights to foreclose the property. however, the second mortgage lenders do not generally foreclose the property. rather, they charge off the mortgage and assign it to a collection agency who will in turn harass you for the payments.
feel free to ask if you've further queries.
sussane
welcome to forums!
unless regular mortgage payments are made on time, your mortgage accounts will not be considered as current and the lenders will have the rights to foreclose the property. however, the second mortgage lenders do not generally foreclose the property. rather, they charge off the mortgage and assign it to a collection agency who will in turn harass you for the payments.
feel free to ask if you've further queries.
sussane