Will my second homeq mortgage foreclose or write off my loan for delinquency?

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My first loan is for 369k and my second loan is 91k. My first loan modified and I am now current with it. The second loan seems reluctant to modify and it has a 12.5 interest rate with a 900 dollar monthly mortgage. I missed 10 months payment but will be able to make a payment of 500 dollars per month from next month. What should I do? What do you think they will do? the house has no equity. They keep asking for a payment of 912 dollars which i cannot afford.

2 Comments
  1. Reply
    reenzz
    April 29, 2011 at 11:25 pm

    They may not be able to foreclose, but they will NOT just write it off. They will attempt to collect through wage garnishments.

  2. Reply
    cheeba0228
    April 30, 2011 at 12:17 am

    DONT not make a payment. if your first was modified you should look over the wording carefully it may have a penalty if you show a mortgage late payment from either loan within a specified time period. Meaning if you default on the second the first may go back tot he initial interest rate.

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