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What are the options when you can no longer afford to make the 2nd trust deed payments and the 1st trust deed payment is current and the home is upside down in equity just from the 1st trust deed loan?
Wiki User
∙ 14y ago
Generally: If you default on the second mortgage the mortgagee can foreclose and take possession of your interest in the real estate subject to the first mortgage. The second mortgagee can take advantage of your equity in the property to satisfy the debt you owe. You should consult with an attorney who can review your situation under your state laws and determine what your options might be. Perhaps a settlement can be negotiated with the second mortgagee.
Wiki User
∙ 14y ago
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