I have been making my 1st mortgage payment, my income is not the same. I could only afford to pay my 1st mortgage payment, can they foreclose if I don’t pay my 2nd mortgage?
I have contacted the bank for my 2nd mortgage that I’m not able to pay and apparently they don’t care, they want payment as soon as possible.
Yes, when you took out the second mortgage you allowed them to place a secondary lien on your house, which they can foreclose on.
Can I get foreclose if I miss my payment on my 2nd mortgage ?
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Yes, when you took out the second mortgage you allowed them to place a secondary lien on your house, which they can foreclose on.
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yes Jewel they can and will. They will sell the home and give the first their money first and keep the rest. If it is not enough to satisfy their lien then you will be sued for the default and they can then garnish your wages
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They could, but it is unlikely as they would either have to out bid the first mortgage holder or risk being wiped out completely.
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7 years mortgage lending experience.