Can The Foreclose On My Second Mortgage?

Submitted by surfcanada from CA - 03/23/2009 - 8:48am

I am a California homeowner in the midst of negotiating with my 1st mortgage lender. Both my wife and myself have experienced layoffs over the past year and a half. My wife is back to work but I am still looking. I have been told that the 2nd mortgage lender has no right to foreclose on our house - they will just right if off. Is this true? Before I commit to an agreement with my 1st lender, I want to make sure I don't need to make a separate agreement with my 2nd lender. Can I let my 2nd go or do I need to negotiate with them also?

You are not watching this post, click to start watching

Comments

Submitted by Sean - 04/13/2009 - 11:03pm

They have every right to foreclose, but if the house is now worth less than the first mortgage they may choose not to - at least for now. But that 2nd loan will never disappear even if you stop making payments.
 
Were these the original loans on the house or refi's?

Submitted by Anonymous - 08/13/2009 - 6:05pm

thanks for asking the above question.

Submitted by 2netsuccess - 07/03/2009 - 7:26am

 
Hi you can negotiate with both lenders. In many cases the second mortgage can be reduced and your payment ca be dramatically cut. It is far better to have a foreclosure specialist look into your case. Your lender does not have your best interest in mind, they care about themselves.

Submitted by Ferdinand - 08/21/2009 - 7:59pm

So... does that means that the bank would not charge off the second, for example with the 1099 ?

Submitted by Jim - 02/23/2010 - 1:52pm

I was told by my 2nd mortgage compnay that they will foreclose on my property for none payment. I have been able to pay my 1st mortgage. They told me i should plan on packing my bags soon. Can they actually force me out if i am in good standings with the 1st mortgage?

Submitted by Jim - 02/23/2010 - 1:55pm

Where would i find a forecloser specialist in my area? New Hampshire..

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.