I have a house with 2 mortgages 1st and 2nd loan i can pay for one and not the other can i stay in the house?

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I have a house that was finance with one mortgage company it got sold into 2 mortgage company’s. I got behind in bills can only pay for the 1st mortgage and the not the 2nd. Can i file bankruptcy for the 2nd mortgage and still continuing making payments on the first one and keep the house adn live in it

  1. Reply
    May 3, 2011 at 4:46 am

    You will have to pay them both, if you don’t, the one you do not pay will foreclose on you and sell the house out from under you.

  2. Reply
    Bob D
    May 3, 2011 at 4:47 am

    You have to pay both. You are using your house as collateral on both loans. The only legal difference between the loans is the 1st mortgage gets paid off first if and when they sell your house. You still lose the house.

  3. Reply
    May 3, 2011 at 5:12 am

    The answer is no.

    But to give you some ideas, contact the 2nd lender and ask to reschedule your loan payments. Explain that you want to get back on track. It is probably better for them to get paid later than not at all. Better for you, too!

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