can i still get my house foreclosed if i only pay my 1st mortgage and not the rest - Loan Modification Forum

STRONG74 · 07-22-2009, 12:57 PM

can i still get my house foreclosed if i only pay my 1st mortgage and not the rest. i have a 2nd and a home equity loan. is this possible. what would happen to the other loans if i did this???

Evan Bedard · 07-22-2009, 02:43 PM

Hi strong74 welcome and thank you for joining.

Quote:

can i still get my house foreclosed if i only pay my 1st mortgage and not the rest. i have a 2nd and a home equity loan. is this possible. what would happen to the other loans if i did this???

Yes a 2nd lien can foreclose if they choose to do so...

STRONG74 · 07-22-2009, 03:35 PM

thanks. that is the latest rumor floating around here in ca. my friend just stop paying his 2nd and was telling me about how they cannot forclose because the 1st take precident over any other loans, especially if are already upside down and there is not equity in your other loans.

mattfree99 · 09-11-2009, 07:57 PM

I was just about to ask this same question.
I wonder if you only own 19K on a second and the value of house is less then the first.
Value of the house approximately 120K and owe 160K on the first
What would the bank with the second note get out of foreclosing?

Evan Bedard · 09-14-2009, 09:40 AM

The 2nd lien is not likely ot foreclose on your property if it is upside down. The reason why is because the 1st lien will be the first to collect on the foreclosure proceedings and the 2nd would be left with nothing...

07-22-2009, 12:57 PM	#1 (permalink)
STRONG74 Junior Member Join Date: Apr 2009 Posts: 2 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	can i still get my house foreclosed if i only pay my 1st mortgage and not the rest can i still get my house foreclosed if i only pay my 1st mortgage and not the rest. i have a 2nd and a home equity loan. is this possible. what would happen to the other loans if i did this???

07-22-2009, 03:35 PM	#3 (permalink)
STRONG74 Junior Member Join Date: Apr 2009 Posts: 2 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: can i still get my house foreclosed if i only pay my 1st mortgage and not the rest thanks. that is the latest rumor floating around here in ca. my friend just stop paying his 2nd and was telling me about how they cannot forclose because the 1st take precident over any other loans, especially if are already upside down and there is not equity in your other loans.

09-11-2009, 07:57 PM	#4 (permalink)
mattfree99 Member Join Date: Jan 2009 Location: Where the unemployed is 18% Posts: 24 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: can i still get my house foreclosed if i only pay my 1st mortgage and not the rest I was just about to ask this same question. I wonder if you only own 19K on a second and the value of house is less then the first. Value of the house approximately 120K and owe 160K on the first What would the bank with the second note get out of foreclosing?

09-14-2009, 09:40 AM	#5 (permalink)
Evan Bedard LoanSafe.org Homeowner Guide Join Date: Aug 2007 Location: Southern California Posts: 2,168 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: can i still get my house foreclosed if i only pay my 1st mortgage and not the rest The 2nd lien is not likely ot foreclose on your property if it is upside down. The reason why is because the 1st lien will be the first to collect on the foreclosure proceedings and the 2nd would be left with nothing... __________________ Keep Fighting! Evan Bedard LoanSafe.org Support Team Please donate via paypal to LoanSafe.org to help keep this forum going The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

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