| Mortgage Forclosure The forum for everything related to Mortgage Forclosure |
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06-12-2011, 10:47 PM
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foreclosure on a 80/20 mortgage?
i have a 80/20 mortgage. my son's college tuition is expensive. i can't afford the 20% payment on my home. ( my tandem loan ). however i am up to date on the larger loan. what are the possibilities in store for me with my mortgage company ?
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06-13-2011, 06:54 AM
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2nd TD's are getting a little more pushy, it depends who they are! The first thing the 2nd TD will check is to see if you have enough equity to cover their loan. Normally, they will not foreclose because if they do they have to take over the 1st TD and make the payments and if you are upside down, they would not put good money after bad! If you are really hurting seek legal advise ( I am not an attorney) for a Chapeter 13 BK, if you are upside down and having a hardship it is possible to have the 2nd TD Stripped!
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