KWilliamstech
New Member
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?
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?