Posted on: 20th Jul, 2009 10:32 am
in the state of Utah, what would happen if you stayed current on your 1st mortgage, but were unable to keep up with the 2nd mortgage? can the 2nd mortgage holder foreclose?
hi je!
welcome to forums!
a second mortgage lender may not foreclose the property, but he can very well charge off the loan to a collection agency who will in turn collect the dues from you. a charge off will be recorded as a negative item on your credit report and affect your score.
feel free to ask if you've further queries.
sussane
welcome to forums!
a second mortgage lender may not foreclose the property, but he can very well charge off the loan to a collection agency who will in turn collect the dues from you. a charge off will be recorded as a negative item on your credit report and affect your score.
feel free to ask if you've further queries.
sussane