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Reload this Page what happens if I don't pay 2nd mortgage?

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Old 03-18-2005, 08:53 PM
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what happens if I don't pay 2nd mortgage?

What is the name of your state? Utah. I was wondering if anyone knew what would happen if I stopped paying my second mortgage. I did not reafirm the loan nor my first mortgage, but I plan on keeping the house. Can they take my house for such a small amount? Or make me pay?
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Old 03-19-2005, 05:18 AM
huk huk is offline
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Im a broker...not enough info, need numbers
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Old 03-19-2005, 08:25 AM
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The 2nd mortgage holder CAN foreclose, but it would have to be coordinated with the primary mortgage lender.
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Old 03-19-2005, 12:47 PM
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the house was appraised at 100,000. I took out an equity loan in 02 (3 years left to pay) for 9,000. I now owe 7,000 but there is hardly any equity in the house now (about $200) Can they by my mortgage from the first mortgage company and then foreclose? how likely is it? Also It's actually a home equity loan. Does this make a difference??
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