Posted on: 29th Nov, 2009 08:58 pm
What will happen if you cant make the payments on your second,and you can keep the first up? The bank has refused to help us because our debt to income ratios so high,due to a fact that I had a major medical problem and I am now waiting for my dissability to go through.
What can I do?
What can I do?
hi glh,
if you do not pay off your second mortgage, the lender can foreclose on your property. they have a second lien on your property, which is why they have the legal right to pursue foreclosure against your property. if your property is underwater, they are unlikely to foreclose. but in case there is enough equity in the property, they can start foreclosure proceedings.
if you do not pay off your second mortgage, the lender can foreclose on your property. they have a second lien on your property, which is why they have the legal right to pursue foreclosure against your property. if your property is underwater, they are unlikely to foreclose. but in case there is enough equity in the property, they can start foreclosure proceedings.