Can 2nd mortgage lender foreclose the property? - Loan Modification Forum

mtg2008 · 09-18-2009, 01:17 AM

I am current on the 1st, if I stop paying 2nd mortgage, is the 2nd mortgage going to foreclose my property? For example, value is $480K, first is $360K, 2nd is $240K.

Thank you

Evan Bedard · 09-18-2009, 09:49 AM

Hi mtg2008,

Quote:

I am current on the 1st, if I stop paying 2nd mortgage, is the 2nd mortgage going to foreclose my property? For example, value is $480K, first is $360K, 2nd is $240K.

Thank you

Yes that is a possibility. With about 120k left over after the first mortgage it is likely they may pursue foreclosure. Are you currently in the process of modifying your 2nd?

momsgig · 09-18-2009, 09:56 AM

How do you go about modifying a 2nd and by 2nd would that include a maxed out heloc?

Evan Bedard · 09-18-2009, 12:21 PM

Hi momsgig welcome and thank you for joining.

Can you share a little more information about your situation so I can better assist you?

09-18-2009, 01:17 AM	#1 (permalink)
mtg2008 Senior Member Join Date: Aug 2008 Posts: 75 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Can 2nd mortgage lender foreclose the property? I am current on the 1st, if I stop paying 2nd mortgage, is the 2nd mortgage going to foreclose my property? For example, value is $480K, first is $360K, 2nd is $240K. Thank you

09-18-2009, 09:56 AM	#3 (permalink)
momsgig Junior Member Join Date: Sep 2009 Posts: 4 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Can 2nd mortgage lender foreclose the property? How do you go about modifying a 2nd and by 2nd would that include a maxed out heloc?

09-18-2009, 12:21 PM	#4 (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 2nd mortgage lender foreclose the property? Hi momsgig welcome and thank you for joining. Can you share a little more information about your situation so I can better assist you? __________________ 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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