2nd mtg. Foreclosure?

[bluesky]

Thanks for any input. I have a 2nd with Citimortgage, approx balance 24k. I'm almost 3 months behind and they sent letter stating foreclosure to start Sept. 2nd if not paid up to date. My first mortgage is current and with another bank. approx balance 90k.
My estimate is 120k +/- value on home.
Citi will not answer phone or call me back concerning working something out. Can they force me to move out if 1st mtg is current?

[walkthaplank]

The 2nd has a right to foreclose if you are in default. If there is equity in your home, there is a very good chance they will foreclose. The 1st mortgage has to be paid off before the 2nd can get any money, but it is likely that they will get their money even after paying off the 1st if your estimate of the value is correct.

[dm415]

how about a 10% settlement offer? If you have the cash.

[albacore44]

i have not heard of any 2nd mortgage foreclosing that was with a major bank when the 1st was held with another bank. yes, they can, but my guess would be they send it to a collection agency after 6 months. or so

[notforsale]

You need to call the executive response team at citi. They will have you submit a written offer along with all docs like you would send for a mod. I would offer 5% and they will likely counter at 10% so you would be in good shape. I just settled with Citi for 6% of my balance. Good luck!!