Can I save my home if I’m current on the first mortgage but have defaulted on the second?
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Can I save my home if I’m current on the first mortgage but have defaulted on the second?
I was told by a counselor that the second mortgage holder could not foreclose on a first mortgage as long as I was paying on the first. However, the second holder is foreclosing. What can I do to save my home since I was given the wrong advice?
Asked on August 8, 2011 North Carolina
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
You have an obligation to service both mortgages secured by your home and keep them current. If not, one or both can foreclose upon your home.
Your counselor that gave you the advice that the second mortgage holder could not foreclose upon your home if you were not paying on the second mortgage was incorrect.
The way to stop the second mortgage from foreclosing upon your home is to immediately cure what is in arrears as to the second mortgage as well as associated foreclosure costs where the second will send you paper work advising that the default has been cured by you.
I recommend that you immediately consult with an experienced real estate agent about your current situation to protect your interests.
Good luck.
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