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Jason Said:

If I pay off my first mortgage, and still owe a second, can the second mortgage company foreclose?

We Answered:

Yes, as you pledged your house as collateral for that 2nd mortgage. It's secured debt!

Crystal Said:

My second mortgage company recently sold my acct. , the new holder is acting aggressive, will they foreclose?

We Answered:

Depends on the facts, if the new owners bought the second loan including the security interest on the property and depending on how much equity you currently have on the property and how much pennies on the dollar your second was purchase for,

It maybe financially feasible to foreclose upon the property, usually the second is reluctant to foreclose because there is not enough equity to cover the first loan, if in your case the property value can cover the first and some on the second they may move ahead

Freddie Said:

My mortgage company has a give it back to the bank program, but I might have a second mortgage? Help?

We Answered:

2 things- first of all what the bank is offering is a deed in lieu of foreclosure. This WILL show as a foreclosure on your credit- it just keeps them from having to go to the expense & time of foreclosing. Second- the second mortgage company can still come after you- even if they haven't filed the deed they can later & then foreclose or put a judgment on you. I would suggest calling them to see what can be worked out. This first company that had your second mortgage should have filed it- then the company that bought it, should have filed an "assignment of deed"- although they don't always do this it does not take away their rights. Sorry I don't have better news for you.

Beatrice Said:

After a short sale can the second mortgage company really come after you for the balance?

We Answered:

Ask your lawyer or realtor, or better yet read your short sale documents. If Greentree recieved 3k out of 30k to simply release the lien, then yes they can and should come to you for the rest. You still owe the money but they were gracious enough to take some of the money you said you would pay back and not hold your house as collateral any longer. Now if in your documents your short sale was something called a " non-recourse short sale" then they did in fact agree to not come back to you for the money. A good realtor and especially lawyer should have explained this to you as well as you should have gotten it from your own research. If the debt was written off then you will recieve a 1099 and you will have to pay income taxes on the amount that was forgiven. So lets say you had $20,000 forgiven and your tax bracket is 25%, you will have to pay $5,000 in taxes for this year.

Ruby Said:

Can the mortgage company foreclose on me if I default on my second mortgage?

We Answered:

Either one or both of your mortgage may start foreclosure procedures when you fail to make your monthly mortgage payments as you agreed when signing your mortgage loan docs.

You might try marrying them up since they are with the same company. This would benefit you if you were to tell the person working on your modification that the two mortgages are with the same company.

One hand have to know what the other hand is doing.

If you are paying for this loan modification then they should have known that you had a first and second with the same company and made an attempt to modify both mortgages at the same time.


I hope this has been of some benefit to you, good luck.



'FIGHT ON"