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  #1  
Old 07-13-2008, 06:22 PM
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Join Date: Nov 2007
Posts: 17

Second mortgage

What is the name of your state (only U.S. law)?
My parents in Florida having financial problems, they only can afford to pay the 1st mortgage with Countrywide but they are having trouble paying the second mortgage with National city, the house at this point has lost 200k in value and if they sell it they will barely even pay the 1st mortgage.
They want to keep the house but can only afford the 1st mortgage, can the second foreclose on them and they loose the house even if they keep paying the 1st mortgage?? if they go to foreclosure can they negotiate with the 1st mortgage company to keep the loan???
why would the second mortgage foreclose and pay the legal fees when they know they will get nothing at the end ???
  #2  
Old 07-13-2008, 09:49 PM
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Location: Twin Cities
Posts: 156
Quote:
can the second foreclose on them and they loose the house even if they keep paying the 1st mortgage??
Yes they can.

Quote:
if they go to foreclosure can they negotiate with the 1st mortgage company to keep the loan???
Not sure what you mean. If they foreclose they'll have to payoff the 1st mortgage lender in full before they get any money.

Quote:
why would the second mortgage foreclose and pay the legal fees when they know they will get nothing at the end ???

It's doubtful they would. Instead they'll likely charge it off and come after the borrower personally.
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  #3  
Old 07-16-2008, 10:37 AM
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Quote:
Originally Posted by dmiller12 View Post

It's doubtful they would. Instead they'll likely charge it off and come after the borrower personally.
If they charge it off can they still keep the lien on the house???
Last edited by lb11; 07-16-2008 at 11:12 AM.
  #4  
Old 07-16-2008, 11:50 AM
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Join Date: Feb 2007
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"Charging off" has nothing to do with the lien or your responsibility to pay. All it means is they have figured that the chances they will see their money is slim for their internal accounting purposes.
  #5  
Old 07-16-2008, 12:17 PM
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So they can take a tax right off and still want their money by keeping the lien ???
how about if they get a judgment, can they have a lien and a judgment to ??
Last edited by lb11; 07-16-2008 at 12:21 PM.
  #6  
Old 07-16-2008, 01:43 PM
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Location: Twin Cities
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Quote:
So they can take a tax right off and still want their money by keeping the lien ???
Of course. Writing it off does not come close to satisfying the debt.

Quote:
how about if they get a judgment, can they have a lien and a judgment to ??
Yes.
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