Posted on: 04th Sep, 2010 03:07 pm
I bought my house in 1999 first mortgage is $55000 got a secondmortgage for $25000 in 2002 at 12% intrest. Shortly thereafter was diagnosed with parkinsons disease and only source of income is ss disability. 1st mortgage is 60 past (BofA) but just made payment 8/31 so they seem happy for the moment they r supoosed to be working on Loan Modification. Second is held by Litton Loan to date have paide them $34000 on a 25000 note I am 30 past with them and want to know what I should expect if I stop paying them altogether, told me there is nothing they can do modiication wise.
That really depends on how much equity your house has. They can still come after your house if they find it worthwhile. Tread carefully since you have health issues to deal with. You dont want to end up on the street. Banks are machines.
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