<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by not sure:
I live in Ga. I currently have a 1st mortgage with a balance of $102,000. I have a second mortgage with a balance of $44,000. My home has been appraised at $156,000. I have become behind in my second mortgage and they are threating foreclosure on my home. My question is... can they foreclose when the balance due is so much less than the value, or will they put a lien on my property? <HR></BLOCKQUOTE>
The second mortgage can foreclose and the equity in the property is more of a reason that they would foreclose. Actually you really do not have much equity and based on the numbers you have no equity by lender workout industry standards. If the property was sold, the equity would be close to zero if you take into consideration real estate sales commissions and related closing costs.
