Forclose on property

[lmacjr]

What is the name of your state?What is the name of your state?What is the name of your state?
North Carolina
I have been ill and have not been able to pay my 2nd mortgage. I am now 2 payments behind. I am told that my 2nd mortgage holder is about to forclose on my property. Is this possible when I am only 2 payments behind. I will be paying off my 2nd mortgage by the end of the month of Janurary 2006. How far behind do I have to be before the mortgage co can began to forclose on my property? Thanks lmacjr. 01/04/2006

[HomeGuru]

Originally Posted by lmacjr

What is the name of your state?What is the name of your state?What is the name of your state?
North Carolina
I have been ill and have not been able to pay my 2nd mortgage. I am now 2 payments behind. I am told that my 2nd mortgage holder is about to forclose on my property. Is this possible when I am only 2 payments behind. I will be paying off my 2nd mortgage by the end of the month of Janurary 2006. How far behind do I have to be before the mortgage co can began to forclose on my property? Thanks lmacjr. 01/04/2006

**A: read your 2nd mortgage note. The lender can file foreclosure if you are a day behind. Get real.

[LindaP777]

Originally Posted by HomeGuru

**A: read your 2nd mortgage note. The lender can file foreclosure if you are a day behind. Get real.

Correctamundo!
But, by all means call your second mortgage company and try to make some sort of payment arrangements with them. It's must cheaper for them to try to work it out with you, than to foreclose. Tell them how much you can pay & when you can pay to make up for those 2 past due payments. If they agree, stick to the plan or be prepared for them to move swiftly.

[HomeGuru]

Originally Posted by LindaP777

Correctamundo!
But, by all means call your second mortgage company and try to make some sort of payment arrangements with them. It's must cheaper for them to try to work it out with you, than to foreclose. Tell them how much you can pay & when you can pay to make up for those 2 past due payments. If they agree, stick to the plan or be prepared for them to move swiftly.

**A: and Linda, do you know what the first mortgage lender does when the second lender files foreclosure action?

[LindaP777]

Originally Posted by HomeGuru

**A: and Linda, do you know what the first mortgage lender does when the second lender files foreclosure action?

Hmmm . . . let me think a minute . . . now, here's a guess and only a guess . . . (I would appreciate a quick lesson from the "master", but please don't bill me, you guys get expensive!)
I would say if the first mortgage payments have been made as contracted, they are safe (or at least, safer). The first mortgage holder will be notified by the courts that foreclosure proceedings have begun by the second mortgage holder, so they will have to send notice to the court on how much is money is still owed to them, so they can be listed in the proceedings (as well as any other mortgage/lien holders & back taxes, if any). When the time comes, the 1st mortage holder (i.e. their representative) will need to show up at the sheriff's sale (at least in Ohio) to protect their interests (keep the bidding going until their first mortgage is covered). The second mortgage holder will also be there bidding (need to keep bidding as high as the 1st mortage, plus what they have in the second mortage and costs) or they will lose out.
Now, that seemed too simple, so fill me in on what I missed . . . do the banks (1st & 2nd mortgage holders) communicate with each other? Other than the court notifing them, how would the first mortgage holder know of the foreclosure?

[justalayman]

I think it is something much simpler. I have a pretty good idea but it's been awhile so I'm not positive and also would like to hear from HG.

[LindaP777]

HG, you didn't grade my essay exam paper, yet.

[HomeGuru]

Originally Posted by LindaP777

HG, you didn't grade my essay exam paper, yet.

**A: I'm waiting for more responses.