2nd mortgage foreclosure

[Administrator]

Hi, I wanted to know if you could help me and my wife. We have an 80/20 mortgage with 2 separate mortgage companies and currently owe $245,461.01 on the first mortgage (at 7.3%)and $57,896.97 for the second mortgage (at 12.5%) for a total of $303,357.98. My problem is the houses on our street that are identical have sold recently for only $259,900 and we owe $43,457.98 more than we could even sell the house for. We are unable to pay both the 1st and 2nd mortgage due to our financial situation. We were wondering what would happen if we stopped paying the 2nd mortgage? We have tried to renegotiate with both mortgage companies and they refuse to do anything to help us. We have 3 small children and just are afraid of losing our home and a place to live. I hope you can give me some advice. Thank you,Ken


To view links or images in this forum your post count must be 1 or greater. You currently have 0 posts.


(Source: mortgagefit.com)