2006-12-29 06:58:11 · 8 answers · asked by Dhcp 1 in Business & Finance ➔ Renting & Real Estate
If you do not pay your mortgage then they can foreclose. If you are only down one payment then call the mortgage co and tell them about your situation and they can work with you many times. And finally, get rid of that balloon. With interest rates at historic lows you should have a fixed rate so you know you can afford your payment.
2006-12-29 07:03:38 · answer #1 · answered by fade_this_rally 7 · 2⤊ 1⤋
I agree with what everyone else has said. When you signed the note for the 2nd you agreed to pay when it was due and if you don't the lender can foreclose. Depending on what State you are in, this can take up to 6 months. The fact that you are asking the question suggests that maybe the lender does not want to foreclose, would rather extend and accept your payments. You better find out.
My opinion is you can't keep making payments on 2 loans unless you intend to cure the default and keep the property. Make a decision and go for it, or walk away. Otherwise you are going to get flushed down the drain.....
2006-12-29 15:51:20 · answer #2 · answered by Anonymous · 0⤊ 0⤋
I would talk to the company that is carrying your first mortgage and see if they will buy out the second adding that balance to the remainder of your first mortgage. Typically if the new balance exceeds 80% of your home value then the lender will require PMI (private mortgage insurance). Just recently the IRS announced that PMI will now be tax deductible like interest (for households earning less than 100K/year). This has made carrying a second mortgage less appealing. The sooner you take action the smoother everything will be.
2006-12-29 15:36:33 · answer #3 · answered by kdub 1 · 0⤊ 0⤋
Yes, they can foreclose even on a 2nd mortgage but you really should call them and ask for restructuring of the remaining balance. It's important to communicate instead of just being quiet especially in this case.
2006-12-29 15:07:31 · answer #4 · answered by romvsinparadise 3 · 1⤊ 0⤋
Probably, but since they are in second position, it might not do them any good.
Make sure you keep up your first mortgage payments. Then get in touch with the second lender and renegotiate or refinace the second before it does turn into a major headache.
2006-12-29 15:02:16 · answer #5 · answered by jbowler 3 · 0⤊ 0⤋
Yes, they can foreclose because you are in violations of the terms of the agreement.
However, the bank doesn't really want to own your house, so you should try contacting them because you may be able to work out a mutually agreeable solution. Please do this BEFORE they put you into pre-foreclosure!
Good luck!
2006-12-29 15:33:26 · answer #6 · answered by ramman 4 · 1⤊ 0⤋
Yes they can foreclose. You should call the company and see if you can work out an arrangement. They would rather have your money then your house.
2006-12-29 16:04:15 · answer #7 · answered by Anonymous · 0⤊ 0⤋
HA! call a moving Co.
2006-12-29 15:00:35 · answer #8 · answered by Mad Dog Johnson 4 · 0⤊ 2⤋