U.S. CitiesCity-Data Forum Index
Covid-19 Information Page
Go Back   City-Data Forum > U.S. Forums > Georgia > Atlanta
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 01-03-2010, 04:27 PM
 
2 posts, read 7,511 times
Reputation: 12

Advertisements

I need an answer please. 12 years ago, my mother , husband and I pruchased a townhouse together with my mother and my husband being the only ones on the Mortgage. At closing we did a quick claim deed so that in the event of my mothers death, my name would go on the deed so that my husband ( at the time we were not married) could not sell the house without me, and if in the death of my husband, my mother could nto sell with out me. Three years ago, my mother applied for and was approved for a home equity line of credit to make renovations to the home. My husband had to sign paperwork staing he was aware and allowing her to get the line of credit. My mothers name is the only name on the 2nd mortgage. Two years ago she passed away, we envoked the quitclaim deed and had her name removed from the deed and the main mortgage. We currently are facing not being able to pay the 2nd mortgage and am wondering what will happen if we get too far behind? Can we stand to loose the house?
Reply With Quote Quick reply to this message

 
Old 01-03-2010, 05:24 PM
 
Location: St Simons Island, GA
23,125 posts, read 36,367,127 times
Reputation: 15465
If it is indeed a secured note and you default, yes. The second mortgage holder will notify the first of its' intent to foreclose, and the primary mortgage holder (being the superior lien in this case) will be forced to initiate foreclosure proceedings as well.
Your best bet is to notify all lienholders of the situation and see if they will work with you. It is possible you could refinance the first mortgage to get rid of the second.
Reply With Quote Quick reply to this message
 
Old 01-03-2010, 05:33 PM
 
2,683 posts, read 5,316,988 times
Reputation: 940
If you owe more then the home's value it would be unlikely the 2nd would start foreclosure as it would be costly for them and they would stand to get anything.

However if you do not intend to pay the 2nd at anytime in the future eventually something will happen to you and both the 1st and the 2nd of course can come after you for the difference of what they sell the house for after foreclosure and what you owed so sooner or later you'll have to face it.
Reply With Quote Quick reply to this message
 
Old 01-03-2010, 05:49 PM
 
2 posts, read 7,511 times
Reputation: 12
Default Re 2nd mortgage foreclosure

I am current with the first and have not missed nor been late on a payment in 12 years. Im about 3 weeks behind on the 2nd but they wont discuss that account to work out anything. Can not qualify for re-fi. Jus tdont want to be forced out of home.
Reply With Quote Quick reply to this message
 
Old 01-03-2010, 06:00 PM
 
Location: St Simons Island, GA
23,125 posts, read 36,367,127 times
Reputation: 15465
Quote:
Originally Posted by elaiken View Post
I am current with the first and have not missed nor been late on a payment in 12 years. Im about 3 weeks behind on the 2nd but they wont discuss that account to work out anything. Can not qualify for re-fi. Jus tdont want to be forced out of home.
Nor do many mortgage companies care to be in the real estate business these days. Considering the shape that the country is in right now, banks are being remarkably flexible. I urge you to give it a try, especially considering that you have a good payment history.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Options
X
Data:
Loading data...
Based on 2000-2016 data
Loading data...

123
Hide US histogram

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Georgia > Atlanta
Follow City-Data.com founder on our Forum or

All times are GMT -6.

© 2005-2020, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top