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Old 07-25-2006, 10:57 AM
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Join Date: Jul 2006
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forclosure on second mortgage

What is the name of your state? pa

I have gotten behind on my second mortgage ,arears of 3,900 and they charged me another 4,300 in costs to reinstate.Does this sound right.Also my main mortgage company, who I am current with said they can not foreclose because they are second on the deed.The house has been listed for auction. Thank You
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Old 07-25-2006, 11:23 AM
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Join Date: Oct 2005
Location: Ohio (southwest)
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Quote:
Originally Posted by lway523
What is the name of your state? pa

I have gotten behind on my second mortgage ,arears of 3,900 and they charged me another 4,300 in costs to reinstate.Does this sound right.Also my main mortgage company, who I am current with said they can not foreclose because they are second on the deed.The house has been listed for auction. Thank You
The second mortgage company definitely CAN foreclose. At the auction, they (a representative of the second mortgage holder) will be there to keep the bidding going high enough to cover the first and second mortage (so the first mortgage is the safest position). If the second mortgage holder wins the bid, they will sell the house for enough to cover both the first and second mortgages (in an ideal world).
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