Foreclosures Discussion Archive 1

Paying the first mortgage but not the second

Posted by Kevin on April 30, 2002 at 18:35:21:

I have a no-equity second mortgage. I was laid off in January, and the money has run out. I've enough money for the first mortgage, but not the second. Even when I do find a job, it looks like the pay I'll be receiving won't be enough to make both payments.

I am current on both at the moment, having never missed a payment.

What would happen if I continued making the first mortgage payment but not the second? There's really no equity at all in the house, so the second would lose money in a foreclosure, but will they do it anyway?

Thanks,

Kevin

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Comments: : I have a no-equity second mortgage. I was laid off in January, and the money has run out. I've enough money for the first mortgage, but not the second. Even when I do find a job, it looks like the pay I'll be receiving won't be enough to make both payments. : I am current on both at the moment, having never missed a payment. : What would happen if I continued making the first mortgage payment but not the second? There's really no equity at all in the house, so the second would lose money in a foreclosure, but will they do it anyway? : Thanks, : Kevin

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