Posted on: 04th Sep, 2009 12:29 pm
i do not want to lose my house but, what happens if i stop paying my second mortgage. my house is not worth nearly the amount that i have on the loans. i owe 133,000 on the first mortgage and 88,000 on the second. my house is now valued at 109,000. what are my options, i need to lower monthly payments or stop paying. my credit is good and i want to keep it that way.
Millera
If you want to save your home from foreclosure you need to pay,but if you are not able to pay the minimum due for the mortgage,better you keep paying first mortgage without any question and you may stop the payments towards the second mortgage and later on request for modification with hardship letters.This will solve lot more problem.
but keep in mind you can eat the apple and have it too.so you need to prepare yourself with few entries on your credit report about non-payment of the mortgage.
If you want to save your home from foreclosure you need to pay,but if you are not able to pay the minimum due for the mortgage,better you keep paying first mortgage without any question and you may stop the payments towards the second mortgage and later on request for modification with hardship letters.This will solve lot more problem.
but keep in mind you can eat the apple and have it too.so you need to prepare yourself with few entries on your credit report about non-payment of the mortgage.