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Will my second mortgage holder foreclose?

Discussion in 'Foreclosure, Repossession, Auctions, Short Sales' started by KWilliamstech, Sep 22, 2008.

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  1. KWilliamstech

    KWilliamstech Law Topic Starter New Member

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    Concerning The house I live in; I owe Approx. $176K on the first and $145K on a second mortgage. The house has a current market value of between $180K to $200K. I have stopped making payments on the second mortgage but am current on the first mortgage.

    I am told that second mortgage holders are treating these debts the same as unsecured debt and that they are not typically foreclosing on properties with no equity. I need a place for my family to live in and am gambling that the second will not foreclose. What actions will the second mortgage holder likely take?
     
  2. jenniferjohnson

    jenniferjohnson New Member

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    Will 2nd Mortgage foreclose?

    I'm curious if you have any more information. I'm in a similar position. I owe $200K on first and $170K on 2nd. Home is worth about $250K. I'm current on 1st, but 165 days behind on 2nd. I was denied a loan mod. I offered a settlement of 1/2, but was also denied. I've been hesitant to do a short sale because there's a tenant in the home, that I'm afraid of losing if I put home up for sale. If I lose tenant, then we'll start to get behind on 1st.

    2nd mortgage called and said they will be sending my mortgage to the attorneys. They said they will not foreclose, because they don't want to pay off the 1st. They said the attorney's would treat my loan as an unsecured debt and seek a default judgment and go after my income & other assets. Can they do this without foreclosing on the home they have a lien on? I thought they had to foreclose and then get a default judgment.

    Any more info on this topic?
     

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