Comments on: Foreclosure Concerns-1st Mortgage is Perfect-2nd is in default….interesting situatiuon?

By: robert w

robert w — Mon, 08 Mar 2010 19:17:49 +0000

Call Clark Howard. http://www.clark howard.com.

By: Orthodox_Ted

Orthodox_Ted — Mon, 08 Mar 2010 19:17:49 +0000

I would stay away from "Clark Howard" and deal with the problem at hand.

The 2nd mortgage holder can force a foreclosure sale even though the 1st mortgage holder is current.

You’re going to have to refinance the house to clear the 2nd mortgage. Call the 1st mortgage and explain your situation and I think they can rectify this for you. Your payments are going to go up accordingly, but if the 1st mortgage is already current – they are inclined to help you in that department.

By: plasma71104

plasma71104 — Mon, 08 Mar 2010 19:17:49 +0000

That sucks. Lets see if I can offer anything. Can you re-finance your first mort. and use the equity to payoff the 2nd mortgage.

There are mortgage/financial institutes that will purchase your 2nd mortgage note, such as http://www.note.com/. Maybe if you contact them they will be able to point you in the right direction.
You can also check out sub-prime (Hard money) lenders and see if they can help you. Here is a site that lists a bunch of them.
http://www.reiclub.com/hard-money-lenders.php

Maybe a Real Estate investor can help you out. You can assign your note to them, but they’ll charge you per month at a higher rate then you were paying before, but it’ll save you from foreclosure.
This happens and you’ll get through it.
Good luck and wish I could be more helpful.
or quick claim it to someone, but with the agreement you retain title when the lona ($35,000 plus any fees) is paid.

By: aj d

aj d — Mon, 08 Mar 2010 19:17:49 +0000

dear foreclosure,
you’re really in a pickle. your attorney or adviser should have given you better advice 3 years ago, but no time to cry about that now. I would call the bank and talk to the person handling the account and negotiate a payment to show good faith that you are willing to pay your debt. The bank may, in most cases deal with you because they can only benefit if you pay. Your strength is your weakness—-the second mortgage—-they are in second lien position and unlikely to take the property because you are in default…Although, the action taken against you by the 2nd because of nonpayment can alert the first and both banks can call both loans and you will be renting for many years after..Call the 2nd first thing in the morning and be very nice, it may save you to work with them and it will save them more from having to writeoff another bad loan…
let me know how it goes..

By: Piffle

Piffle — Mon, 08 Mar 2010 19:17:49 +0000

http://www.unclaimedhouses.com