Second Mortgage Recourse

[elputas69]

What is the name of your state? TN
I have a 1st and 2nd mtge. 1st is paid as agreed. Second is paid as agreed until today when a balloon payment is due. I don't have the $ for the balloon payment (yet, i am trying to refinance both loans).
I have all intentions of paying this, as soon as possible. What recourse does the 2nd mtge holder have? He's already threatening legal action and harrassing me (this was due today...it's not even past due yet). I offered to sell some stuff and cash my 401k to partially satisfy the debt but this person is being unreasonable and only wants the full amount. He's even showed up unannounced at my house and my wife's work...what are his options? what are my options?
Thanks so much in advance...What is the name of your state?

[HomeGuru]

Originally Posted by elputas69

What is the name of your state? TN
I have a 1st and 2nd mtge. 1st is paid as agreed. Second is paid as agreed until today when a balloon payment is due. I don't have the $ for the balloon payment (yet, i am trying to refinance both loans).
I have all intentions of paying this, as soon as possible. What recourse does the 2nd mtge holder have? He's already threatening legal action and harrassing me (this was due today...it's not even past due yet). I offered to sell some stuff and cash my 401k to partially satisfy the debt but this person is being unreasonable and only wants the full amount. He's even showed up unannounced at my house and my wife's work...what are his options? what are my options?
Thanks so much in advance...What is the name of your state?

**A: read your mortgage and note. The 2nd mortgage lender has the same rights as the 1st with respect to collection and foreclosure.

[FlyingRon]

Except they stand behind the senior lienholder for the money. So whether they are going to press foreclosure will depend on the value of the property in many cases.