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Can the second mortgage foreclose if the first is paid current?

I filed bankruptcy (chapter 7) in 2007. I did not reaffirm my 1st (200,000) and 2nd (52,000)mortgage but have continued to pay both on time and current. If I stop paying the second, can the second foreclose and take the house or will they just put a lien on the property?


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Alternative Investments at www.HardMoneyMi.com

Your 2nd is a lien already, a 2nd mortgage lien.  If you stop paying on the 2nd they will file foreclosure and can take the property subject to the 1st lien.  The lenders can send you a 1099 for any loss they take from the sale of the house before or after the foreclosure and then you will have to deal with the IRS because you'll be taxed on the lenders loss.   Do everything you can to keep paying or rent out the house.
Posted 2008-10-25T19:29:45Z
HardMoneyMi was invited by Yedda to answer this question.

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"FIGHT FORECLOSURE: How to cope with a mortgage you can't pay, Negotiate with your lender, and Save your home!" (Wiley2008)

In all likelihood, the second can foreclose and evict.
Posted 2009-06-12T16:54:23Z
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Chat live with a Conquest Resolutions Representative

http://www.loanmodificationshelponline.com/live_chat.html

YES they CAN!

Most people do not understand how to do loan modifiations as it is so technical and by the time they figure it out, it can be too late and they have lost their homes. If you want to do this with an A+ accredited Mortgage Strategies Company call 1-800-557-1467 and ask for Crystal Kehoss. If you want to check out the company first, just visit our website www.cresmod.com. If you are sketical, I can give you the corporate addresses and phone numbers to check with the Better Business Bureau. Good luck.
Posted 2009-06-17T23:57:02Z
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That  depends on the current value of the property. If it is only worth $200k then only the 1st will receive money and 2nd lienholder is just spending money for no reason. Nowadays, the 2nd lienholder will sometimes simply settle for a fraction of what is owed through a loan modification program and write off the rest.  In addition, you must refer to state foreclosure laws. 2nd lenders will not take the property from you if there is no equity or  money to receive back. That is just false information. Maybe also look into a real estate lawyer too who is privy to your states laws.
Posted 2009-07-07T11:29:17Z
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i have a 3rd mortgage,   hard to pay interest on it   can they forclose  or does the 1st and 2nd take precedent.     
Posted 2009-09-03T20:29:14Z
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Your 2nd is a lien on your property, a chapter 7 bankruptcy will remove the financial responsibility from you and the Lender can foreclose on the lien. You can file for chapter 13, 0r 11 depending on the amount of your secured debt andstrip the second mortgage from the property.  Consult a lawyer andfile your chapter if you want to get rid of the second mortgage.
Posted 2009-09-28T18:17:16Z
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