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.

  1. Reply
    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
    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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