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2nd Mortgage Forclosure Question

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    #1

    2nd Mortgage Forclosure Question

    My elderly parents fell behind on their 2nd mortgage payment when my dad got sick. They were able to keep up with their 1st mortgage payments, but now the 2nd mortgage company is threatening forclosure.

    Does anyone have experience with a scenario like this, since they are current on their 1st mortgage?
    5/9/11 - Filed CH7 - No Asset
    7/1/11 - 341 Meeting
    9/1/11 - Discharged; 9/22/11 Case Closed
    Tags: None
    #2
    Do they have any equity in the house above the amount of the 1st mortgage?
    Pay no attention to anything I post. I graduated last in my class from a fly-by-night law school that no longer exists; I never studied or went to class; and I only post on internet forums when I'm too drunk to crawl away from the computer.

    Comment

      #3
      They are actually upside down on their 1st mortgage.
      5/9/11 - Filed CH7 - No Asset
      7/1/11 - 341 Meeting
      9/1/11 - Discharged; 9/22/11 Case Closed

      Comment

        #4
        Unless the 2nd is a hard money lender or they allow strict foreclosures in Pennsylvania, which I don't think they allow, it would be foolish for the 2nd to foreclose. The other situation is where the 2nd mortgage is owned by the same bank/lender as the 1st lienholder; that could create a unique position.

        Threatening foreclosure and actually starting a foreclosure lawsuit are two very different things. One is just posture and the other means a real chance that you could be foreclosed upon and evicted.

        I agree with what MSbklawyer is really getting at. Without any equity at all to support the 2nd lienholder foreclosing... it would be real unlikely for them to do so.
        Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
        Status: (Auto) Discharged and Closed! 5/10
        Visit My BKForum Blog: justbroke's Blog

        Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.

        Comment

          #5
          Originally posted by justbroke View Post
          I agree with what MSbklawyer is really getting at. Without any equity at all to support the 2nd lienholder foreclosing... it would be real unlikely for them to do so.
          And the fact that they could strip their 2nd off entirely.
          Pay no attention to anything I post. I graduated last in my class from a fly-by-night law school that no longer exists; I never studied or went to class; and I only post on internet forums when I'm too drunk to crawl away from the computer.

          Comment

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