By Admin on Jul 30, 2008 in Personal Finance
Jewel asked:
I have been making my 1st mortgage payment, my income is not the same. I could only afford to pay my 1st mortgage payment, can they foreclose if I don’t pay my 2nd mortgage?
I have contacted the bank for my 2nd mortgage that I’m not able to pay and apparently they don’t care, they want payment as soon as possible.
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I have been making my 1st mortgage payment, my income is not the same. I could only afford to pay my 1st mortgage payment, can they foreclose if I don’t pay my 2nd mortgage?
I have contacted the bank for my 2nd mortgage that I’m not able to pay and apparently they don’t care, they want payment as soon as possible.
Create a video blog…instantly.
Yes, when you took out the second mortgage you allowed them to place a secondary lien on your house, which they can foreclose on.
Steve D | Aug 2, 2008 | Reply
yes Jewel they can and will. They will sell the home and give the first their money first and keep the rest. If it is not enough to satisfy their lien then you will be sued for the default and they can then garnish your wages
golferwhoworks | Aug 4, 2008 | Reply
They could, but it is unlikely as they would either have to out bid the first mortgage holder or risk being wiped out completely.
Dale H | Aug 6, 2008 | Reply