2end and 3ed mortgage forcloser

[zmavionics]

What is the name of your state? Mass
I have a house valued at about 320K, first mortgage is 192K and I had a second for 70K. I refi the second with a 93K with the same bank. I lost my job for 2 years and tried to start a business and lost about 100K on that one too. I realized that the second mortgage holder bank di not close the first 70K when they gave me the 93K so I kept drawing on that one for living expences. so at this time I have 3 mortgages on my house. the 192 and 70K are up todate in payments and the 93K hasn't been paid for a few months. I just found a job and started working but I can keep up with all the payments.
Question is what can the bank do about the 3ed mortgage? can thsy combine the 2nd and 3ed and call them both in? if they decide to forclose can they force me to leave? I personaly think that if they do this they will get less than 70K for both loans. in this case can they still keep yhe liens on my house? what are my options and is there any way I can get the bank to forgive some of the loan or the interest?
thanksWhat is the name of your state?

[zmavionics]

I said I can while should have said I CAN NOT keep up with the payments for the credit cards and the mortgages. so I need to know what happens if I stop paying all the credit cards and 2nd and 3ed mortges.
thanks agin

[rsimplicio]

Your lender(s) will eventually (when, I can't tell you) forclose on any one of the three. Since they are all secured by the real property (the house and land), they will evict you (forcibly, with the sheriff doing the honors, if it comes to that) and sell the house. Any one of the three mortgages forclosed upon will result in you loosing your home. If I were you, I would file bankruptcy. I would have filed it long ago, from the sounds of your situation.

Foreclosure proceedings stop when you file bankruptcy. That's about all I know about it, you should do some serious research on the subject. You should very seriously consider speaking with an attorney about filing bankruptcy, and they can provide detailed information that pertains to your situation. I would do this ASAP. Like, yesterday. The longer you wait, the more likely foreclosure will be imminent.

If you have filed previously and cannot file because of that, I would stop paying your credit cards.

[zmavionics]

Thanks for the reply, I still don't understand how can they evict me if I am up to date with my first and second. If they sell the house at the auction they will not get anything for it because the first and second together come to about what they would get at the auction and they will lose anyway. and about the second part, yes I am considering BK but the only problem is I used to have $140K in my IRA and I had to draw on that to pay for my expenses and I still have about $70K left. I am 51 and scared to death about not having anything left and have to find a way to protect what is left. My present job pays well but it is a temp and I have no idea when the next job will be. I was considering talking with one of those so called nonprofit credit helpers but I read a lot of bad things about them on this site. I am trying to sell my business at a loss and I have a possible buyer, if that happens and he doesn’t back out of the deal, I can payoff all the credit cards and will have no problem paying my other bills. I am holding my breath about the deal.
thanks and please give me more info

[HomeGuru]

Originally Posted by zmavionics

What is the name of your state? Mass
I have a house valued at about 320K, first mortgage is 192K and I had a second for 70K. I refi the second with a 93K with the same bank. I lost my job for 2 years and tried to start a business and lost about 100K on that one too. I realized that the second mortgage holder bank di not close the first 70K when they gave me the 93K so I kept drawing on that one for living expences. so at this time I have 3 mortgages on my house. the 192 and 70K are up todate in payments and the 93K hasn't been paid for a few months. I just found a job and started working but I can keep up with all the payments.
Question is what can the bank do about the 3ed mortgage? can thsy combine the 2nd and 3ed and call them both in? if they decide to forclose can they force me to leave? I personaly think that if they do this they will get less than 70K for both loans. in this case can they still keep yhe liens on my house? what are my options and is there any way I can get the bank to forgive some of the loan or the interest?
thanksWhat is the name of your state?

**A: any mortgage lender can file foreclosure. it could be the first, second or third. They ALL have the same foreclosure rights.

[rsimplicio]

Originally Posted by zmavionics

If they sell the house at the auction they will not get anything for it because the first and second together come to about what they would get at the auction and they will lose anyway.

So in my reading of this, you have more than the value of the property financed as principal (say, a 125% home equity loan or similar), so that the principla amount of the three mortgages combined (i.e. payoff balances, etc.) is more than what you feel is the fair market value of the property?

I'm not sure about this (and please, someone correct me if I am wrong), but if they do foreclose, and cannot recover all of the prinicipal from the sale, they will still come after you for the balance.

[HomeGuru]

Originally Posted by rsimplicio

So in my reading of this, you have more than the value of the property financed as principal (say, a 125% home equity loan or similar), so that the principla amount of the three mortgages combined (i.e. payoff balances, etc.) is more than what you feel is the fair market value of the property?

I'm not sure about this (and please, someone correct me if I am wrong), but if they do foreclose, and cannot recover all of the prinicipal from the sale, they will still come after you for the balance.

**A: that is correct in general; it is called a deficiency judgement.

[zmavionics]

Thank you for helping. I am looking to go the BK way and that will allow me to keep my house because without other bills I can keep my house. I talked to the bank and they accepted one payment and I will owe 2 more and they said as long as I keep making the monthly payments under 70 days over due they will not do any thing. Your postings made me understand that there is no way out of the house payment and I have to let unsecured ones go unpaid. Can some one please tell me how can I protect what is left($70K) from my IRA before filing the BK.? I am over 50 and my wife's name is not on any of the loans (house or anything else). Is there any way I could move it to her name other than filing for divorce and give up everything to her and than remarry? I could get a legal divorce in less than a week if it becomes necessery.
Thanks for all your help.

[KNOW LAW CALIF]

My response:

Hey Chris . . . has it dawned on you to ask yourself why there aren't any other "ambulance chasers," or "advertisers," or "mortgage chasers" like yourself, on these forums? Did you think you were the only one to have ever done this sort of thing?

You will be dealt with in a most non-agreeable manner.

IAAL

[pojo2]

Originally Posted by zmavionics

Can some one please tell me how can I protect what is left($70K) from my IRA before filing the BK.? I am over 50 and my wife's name is not on any of the loans (house or anything else). Is there any way I could move it to her name other than filing for divorce and give up everything to her and than remarry? I could get a legal divorce in less than a week if it becomes necessery.
Thanks for all your help.

Haven't you committed enough deceptive actions? Look where they got you.

Talk to the BK Atty.

[zmavionics]

I talked to a lawyer and he told me in our state IRAs can not be touched by creditors, which is good news.
And POJO2 what deception? I think you never had to work hard and try to make a business going. I came to this country without knowing much English, graduated with honor in engineering and worked very hard all my life and I did not lose my life saving in Vegas, took a risk and lost. This country was build by the risk takers. I paid for all my living expenses and education and worked for 27 years and had to give up half to divorce a gambler wife and most of the rest trying for a better life. I am proud of what I have been to accomplish. I bet your parents paid for all your education and you lived in your parent’s house to age 30 and that is why it is easy for you to say what you said. I hope you always have a good life and never get stock in any part of your life.

[pojo2]

Originally Posted by zmavionics

. I bet your parents paid for all your education and you lived in your parent’s house to age 30 and that is why it is easy for you to say what you said.

You would lose even more money on another bet. YOU dug the hole you are in by not getting a J O B to support yourself while trying to get a business going.

It is easy for me to say what I said because I DID NOT have anything handed to me I worked very hard and now enjoy the fruits of my own labor.

People make choices and then even if those choices land them in trouble they gotta' pull themselves out by more hard work and get on with life.

When you found a source of money to get yourself into even more trouble instead of seeing the long range of those irresponsible actions.

I talked to a lawyer and he told me in our state IRAs can not be touched by creditors, which is good news.

Thats okay you will go through it soon enough. How much do you owe the IRS?


File bankruptcy!