triplesevn
Junior Member
What is the name of your state? Georgia
hello
I'm looking desperately for an answer to my question.
My wife and I took out a 2nd mortgage thru a sub prime financier, Beneficial, for $29,000. Our main mortgage company owns 200,000 on our home thru a fixed FHA loan.
Both my wife and I suffered medical problems this year causing us to use our savings, 401k, basically everything. We looked for help while our credit scores were good but because we were not behind on anything, we couldn't get it. (Long Story for another time.)
Today, we are two months past due on our 1st mortgage and 4 months on our second. My wife is back to work now and we finally have two incomes again, so that has pleased our 1st mortgage obligation and they are working with us to avoid foreclosure.
But that leaves us with no money left to pay our 2nd mtg, for now. Here lies our dilemma. Our 2nd mtg. says they have the right to foreclose on the house. They say they have every same right as our 1st mtg provider.
We don't understand this or know if it is even true. I called my 1st mtg. but nobody was available to answer the question.
How can my 2nd mtg. foreclose on a 200,000 home over 29 grand, and, why would my 1st mtg allow this to happen when they have far more invested and to lose? How can it be legal for a business to collect 200,000 on a 29 grand loan?
By the way, my 1st mtg is a big company who bought out my orign mtg. So they are not a predatory company or anything like that. They are a very well known company in the US.
Can someone give us an answer to whether this can happen in the state of Georgia, with an FHA loan (FHA's are very restricted and have many rules to them I have been explained)?
Thank you
hello
I'm looking desperately for an answer to my question.
My wife and I took out a 2nd mortgage thru a sub prime financier, Beneficial, for $29,000. Our main mortgage company owns 200,000 on our home thru a fixed FHA loan.
Both my wife and I suffered medical problems this year causing us to use our savings, 401k, basically everything. We looked for help while our credit scores were good but because we were not behind on anything, we couldn't get it. (Long Story for another time.)
Today, we are two months past due on our 1st mortgage and 4 months on our second. My wife is back to work now and we finally have two incomes again, so that has pleased our 1st mortgage obligation and they are working with us to avoid foreclosure.
But that leaves us with no money left to pay our 2nd mtg, for now. Here lies our dilemma. Our 2nd mtg. says they have the right to foreclose on the house. They say they have every same right as our 1st mtg provider.
We don't understand this or know if it is even true. I called my 1st mtg. but nobody was available to answer the question.
How can my 2nd mtg. foreclose on a 200,000 home over 29 grand, and, why would my 1st mtg allow this to happen when they have far more invested and to lose? How can it be legal for a business to collect 200,000 on a 29 grand loan?
By the way, my 1st mtg is a big company who bought out my orign mtg. So they are not a predatory company or anything like that. They are a very well known company in the US.
Can someone give us an answer to whether this can happen in the state of Georgia, with an FHA loan (FHA's are very restricted and have many rules to them I have been explained)?
Thank you