Question About Sheriff Sale

morgan2015

LoanSafe Member
#1
Can someone tell me if my house can be sold at a sheriff's sale due to not paying on my second mortgage? I am current on my first mortgage and still owe them $218,000 on a house that is worth $175,000. The second mortgage is now at $57,000 with fees tacked on.

Won't my first mortgage say..."hey wait a minute that house belongs to us and any money you spend to foreclose will go in our pockets and since she owes more than it's worth you better back off because she's paying us????"

Doesn't foreclosure cost a lot of money and they won't get a dime, so why do it??
Please someone, let me know. I do not have money to hire an attorney.

Thank you!
 
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Moe Bedard

Call 1-800-779-4547
Staff member
Loan Safe Mortgage
#2
Hello,

The 2nd mortgage would have to pay off the first mortgage in order to foreclose. If you are underwater by almost $50,000, they would loose big time and it would not be good business if they did so. With that said, I do not think they will foreclose. In the last 10 years, I have seen thousands of people with the same or similar situation and about a dozen or less were foreclosed upon by the 2nd mortgage lender.

Oh, one last thing. Over the last 10 years I have seen approximately a few hundred people hire a lawyer and out of those few hundred, about 275 said it was a waste of money and their lawyers did nothing to help.