Worryingmind2 asked:
I got a call from my mortage company’s insurance company on yesterday. Trying to collect a debt that they says they paid to my mortgage company for my default on my 2nd. They claim they could possibly foreclose on my home. However I have worked out a written deal on my 1st with my mortgage company to stay out of forclosure.
I got a call from my mortage company’s insurance company on yesterday. Trying to collect a debt that they says they paid to my mortgage company for my default on my 2nd. They claim they could possibly foreclose on my home. However I have worked out a written deal on my 1st with my mortgage company to stay out of forclosure.
Can their insurance co. also initiate a processings to foreclose for the default of my 2nd loan, even though the mrtg co didnt?
William
Jane
Did you even read the documents for your 2nd loan. If ANY loan secured by your property goes into default, they can initiate foreclosure. So if you are behind on your 2nd (especially if you stopped paying it altogether) and your home is worth more than you owe your 1st, don’t be surprised if you get a foreclosure notice.
Your 2nd is a secured loan. You don’t pay, you forfeit the collateral (your home). The 1st may get first dibs on the proceeds, but something is better than nothing for the 2nd.
Eva
The company can’t do anything related to foreclosure. They can tell the mortgage company that you don’t own that insurance any longer, however, that is not a likely situation as PITI (principal, interest, taxes, and insurance) makes up your mortgage payment. They are probably making threats they can’t backup.
Louise
i think you better ask for an advice to a Realtors or mortgage agency that can help you.
you may get you information you need here.
good luck
Jean
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