3 Thoughts on Current on first, late on second mortgage. How does that work?
  1. Reply
    Bob C
    May 5, 2013 at 12:29 am


  2. Reply
    May 5, 2013 at 12:58 am

    Yes. They already have a lein on your home. It’s called a “Jr. lein” and they have the right to start foreclosure proceedings if you don’t pay. If it is a matter of just being late on the Jr. lein, then it will adversly affect your credit.

    Your second mortgage is separate from your first mortgage. When you secured the loan, it might have been an 80/20 loan. In essence, the 80% is your first mortgage and the 20% is your second mortgage. Though they cover the same home, they are two separate mortgage payments.

    However you obtained this second mortgage, it will always remain separate from your first mortgage unless you refinance them together into one payment.

    Find the bill to your second mortgage and pay it immediately. If you have a first AND second mortgage on your home, then you haveTWO mortgage payments each month and maybe two separate banks holding the mortgages. Not just one. Pay it as soon as you can.

  3. Reply
    Susi C
    May 5, 2013 at 1:14 am

    Yes – the second mortgage holder has every right to begin foreclosure procedures.

    If the second mortgage holder gets the feeling that you are not willing to pay, he has nothing to lose by foreclosing and they can go after you for attorney fees.

    Find the money and pay up or you may lose your home.

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