If the first mortgage is current never late but the second is behind

Submitted by Joseph H from AZ - 10/05/2011 - 2:18pm

Hello! My first mortage is current and never been late, my second however is 4 months late , however a payment has been made, can they forclose or create some other problem can I lose my home

You are not watching this post, click to start watching

Comments

Submitted by Michelle - 10/05/2011 - 3:12pm

Hi Joseph,
The lender on your second mortgage can foreclose on the property and take title. The first mortgage would still remain as a lien on the property and would still need to be paid but the lender on the second could evict you and sell the property after they foreclosed.
In many cases second liens are not foreclosing because their is no equity to protect and they could not sell it for enough to cover their losses and the amount on the first mortgage.

Post new comment

The content of this field is kept private and will not be shown publicly.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Allowed HTML tags: <a> <em> <strong> <cite> <code> <ul> <ol> <li> <dl> <dt> <dd>
  • Lines and paragraphs break automatically.

More information about formatting options

Before You Post

All comments should be relevant to the topic of the post and are subject to the terms found in our User Agreement.

Asking a Question

If you'd like to ask a new question, please start a new topic.

Please no SPAM.

We nofollow all links and promptly remove unsolicited advertisements - spamming here is a complete waste of your time, so don't bother. Vendors who actually answer questions and provide value to our forums may include links to their company or service as part of their signature.