Posted on: 16th Apr, 2009 12:04 pm
i currently have 2 mortgages on my home. my first mortgage is behind 3 months. i did a loss mitigation and they told me they could not help me.
my 2nd mortgage is current. i assume my first mortgage will start foreclosure on the property. i want to give up my home. it has become too much of a burden for me. question???. do i stop paying my 2nd mortgage.
my 2nd mortgage is current. i assume my first mortgage will start foreclosure on the property. i want to give up my home. it has become too much of a burden for me. question???. do i stop paying my 2nd mortgage.
you can pay them if you wish, yes. but i would give your first mortgagee another go before you give up.
Hi CAROLYNBROUSSARD!
Welcome to forums!
If the first lender forecloses the property, you would still be liable to pay off the mortgage dues of the second lender. If you do not pay off the mortgage dues of the second lender, he may charge off your account.
I agree with George that you should try to negotiate with your first mortgage lender and check out if they can offer you a loan modification or forbearance. Did the lender give you any reason as to why they will not be able to help you with a loan modification?
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
If the first lender forecloses the property, you would still be liable to pay off the mortgage dues of the second lender. If you do not pay off the mortgage dues of the second lender, he may charge off your account.
I agree with George that you should try to negotiate with your first mortgage lender and check out if they can offer you a loan modification or forbearance. Did the lender give you any reason as to why they will not be able to help you with a loan modification?
Feel free to ask if you have further queries.
Sussane
They did not seem to want to work with me. The result from the loan modification was "They will not help me because they predict I will be in the same situation in 3 months from now. But they can try to help me sell it. "So I just feel they just want to foreclose on me and have a house on their hands. Do not understand that at all. They have houses in my area that have been on the market for a long time. What makes them think mine will sell any quicker.
If you can show your income and why you are nto able to make payment, then they may start talkign about loan modification.
I have sent them all that and did the loan modification. They will not help me with a loan modifiication.