what happens if i continue to pay my 1st mortgage but can’t afford to pay my 2nd mortgage?

Feb

what happens if i continue to pay my 1st mortgage but can’t afford to pay my 2nd mortgage?

Archived in the category: 1st mortgages

I’m close to forclosure and/or bankruptcy & not sure what route to take!

you will lose your home. Bankruptcy will only prolong the foreclosure process by a month or two and will do serious harm to your credit for ten years, while a foreclosure will hurt your credit for 4 or 5 years.

my wife and i would like to know if we should pay off 1st.& 2nd mortgages or invest that in tax diff. annuity
What if I added a 2nd mortgage to the loan which I can’t afford?
I have a house with 2 mortgages 1st and 2nd loan i can pay for one and not the other can i stay in the house?
What happens if I stop paying my 2nd mortgage, but continue to pay my first?
1st mortgagor foreclosed & did not pay any to my 2nd mortgage, do I have to continue to pay the 2nd?

Posted by: admin - 5 Comments

5 comments for “what happens if i continue to pay my 1st mortgage but can’t afford to pay my 2nd mortgage?”

redhairedmama75

Then you can still lose your house
References :

February 23rd, 2010 at 1:46 am

Glenn S

you will lose your home. Bankruptcy will only prolong the foreclosure process by a month or two and will do serious harm to your credit for ten years, while a foreclosure will hurt your credit for 4 or 5 years.
References :

February 23rd, 2010 at 2:29 am

carmensellsthehighdesert

It is quite possible that you may qualify for a loan modification on one or both of your loans. If you don’t pay you will be facing certain foreclosure. Be proactive, communicate with your lender that you are attempting to resolve your problem. If you are very savvy, you can do your own loan modification. If you are not sure how to structure your package to facilitate an acceptance, hire a loan modification specialist. Most banks are more willing now to look at modifying loans. The last thing they need is another foreclosure. Obama’s Housing Recovery Plan will pave the way for those in your situation. Banks that took TARP money in particular will be required to do loan modifications. The details will be released on March the 4th.
References :
CA Licensed Realtor

February 23rd, 2010 at 3:02 am

the d

the second mortgage could still foreclose.
References :

February 23rd, 2010 at 3:12 am

realtor.sailor

In order for the second mortgagee to foreclose, they would have to foreclose on the first. Your first mortgage is a superior lien and subordinate liens must take care of them.

realtor.sailor
References :
I’m a Realtor

February 23rd, 2010 at 3:44 am

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