Posted on: 16th Feb, 2011 09:25 am
My 2nd mortgage has issued us a demand to pay in full 50 thousand within 10 days or they will fore close on us. we are caught up on our payment arrangement we made in June of 2010 but they again wanted to make another arrangement and I did not turn in the paperwork they requested in December due to excess work at my job (which now will die down after the 15th of February) and to which I had all intention of turning in, just lack of time prevented it. We definitely cannot pay the full amount in their requested 10 days and we also have a first mortgage that we are caught up on with another bank. I really don't understand what will happen and what we can do about this situation, can some one explain this to me and advise me on what we can do?
does this mean they can take the house, what about our first mortgage? Help... Desperate
does this mean they can take the house, what about our first mortgage? Help... Desperate
Contact them immediately to discuss options. If you were behind and made arrangements and followed through I am not sure what the new paperwork was about? If you can not get anything resolved direct consult a RE atty asap. ANY MORTGAGE can foreclose - The first mortgage cannot stop them - however the first mortgage would get paid first if the house is sold out from under you leaving the second to recoup from what is left - if there is anything left after that it would be yours...........you need to take them serious because they do have legal rights to foreclose if you have not followed through with your end of the agreement.
B
B
Thanks Brian, I will follow your advice and contact them asap... the paperwork they wanted was a new statement of accounts or new application for a new negotiation...Thanks for your help!
