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Yes. Your second mortgage is secured by your home, so if you default on payments, the lender has the right to foreclose.
go ask the mortgage company.
Yes, it could. Any lien holder can initiate the foreclosure process - so if your 2nd mortgage goes into default, the mortgage company could choose to start foreclosure proceedings based on the default.
The mortgage company did not go to their own court date and the foreclosure was dismissed. They will be able to refile it if it was without prejudice.
The best place to get foreclosure help is from the institution that holds your mortgage. You may be able to renegotiate the terms of the loan and avoid foreclosure. Otherwise, Foreclosure Advisors can help you negotiate with the bank.
In the United States, there are government programs in place to help homeowners avoid foreclosure on their home. Some of these programs can help to lower monthly mortgage payments and interest rates. The USA Government website is an excellent source of information for someone facing foreclosure.
Seven years! There are actually companies that will work with you for free to buy your mortgage away from your mortgage company and avoid your foreclosure. I would advise looking into this first.
That depends on whether or not you owe more than your home is worth. I f so, your lender may go after other assets to compensate your their loss. There are actually companies that will work with you for free to buy your mortgage away from your mortgage company and avoid your foreclosure. I would advise looking into this first.
The lender can go after you for any deficiencies and the foreclosure will be reported on your credit record. As a co-signer you are equally responsible for paying the mortgage.
If the house is headed for foreclosure, anyone on the title and the mortgage is facing foreclosure, not just one of the owners. If the daughter was responsible for the mortgage payments by agreement with her grandmother, and got behind in payments, she may be able to pull the mortgage out of foreclosure by a Chapter 13, if she can afford the plan payments and the current mortgage payments. If the Chapter 13 cannot succeed without financial input from the grandmother, it will be up to her to let it go forward and lose the house. Either way, the fact that the house is in foreclosure will affect her credit score.
You are responsible for paying off any mortgages you have on your property. Defaulting on the second mortgage will have consequences. Perhaps you could negotiate with the lender since they wouldn't profit from a foreclosure. ------ Is there some specific reason that you are unable to pay? Home prices will recover in 2-3 years. But if you default on a mortgage and go into foreclosure that will haunt you for the next 10 years. Is it really worth it to try to scam the mortgage company out of money that they loaned to you in good faith and you happily went out and spent?
A home is not discharged in bankruptcy. The mortgage(s) and home equity loans, lines of credit, etc., are discharged, but you have to abandon the real estate in the bankruptcy. That means the mortgagee can go ahead with a foreclosure if there was none before the filing, once the Chapter 7 is closed. Chances are the mortgagee would ask for relief from stay to go ahead with the foreclosure. The trustee may get any excess from the sale, unless it was exempted.