Posted on: 14th Nov, 2008 01:24 pm
if you house is not appraised for the same value and you have a second mortgage do you need to keep..paying the second mortgage if you are trying to stay curent with your first mortgage?
Yes, defaulting on any of them would cause your credit being reported. In order to stay current, the first and the second mortgage payment has to be made diligently
yes.
a mortgage is still secured against your property, whether or not it is in first lien or second lien position.
if you are having difficulty paying your mortgage, i suggest you call the loss mitigation department right away and see if you can work out new payment terms.
if the first and the second are with the same lender, see if you can work something out about combining the two and spreading it over a new 30 year term with a new rate.
a mortgage is still secured against your property, whether or not it is in first lien or second lien position.
if you are having difficulty paying your mortgage, i suggest you call the loss mitigation department right away and see if you can work out new payment terms.
if the first and the second are with the same lender, see if you can work something out about combining the two and spreading it over a new 30 year term with a new rate.
