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We live in Oregon and have a first and second mortgage. We…

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We live in Oregon and...
We live in Oregon and have a first and second mortgage. We are paying the first but not the second,because we aren't making enough money to pay both, tried for a modification, actually paid someone, that company took the money and ran and yes I know, Stupid me.. My question is.. Can the second mortgage holder foreclose on us???
Submitted: 8 years ago.Category: Legal
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Answered in 1 minute by:
6/16/2010
Lawyer: legaleagle, Lawyer (JD) replied 8 years ago
legaleagle
legaleagle, Lawyer (JD)
Category: Legal
Satisfied Customers: 13,441
Experience: Attorney-Business degree from The University of Texas
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Yes a second mortgage holder can file for foreclosure.
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Customer reply replied 8 years ago
Ok is it likely that would happen. The first mortgage is greater than the second. Is there a way we can start paying them an amount smaller than contracted, with an explanation of the crisis we are in. I want to pay them, we owe them, but like others in this country we need help.
Lawyer: legaleagle, Lawyer (JD) replied 8 years ago
In the current economy it is now more likely that they will foreclose. You can continue to make small payments to help reduce your debt but that will not stop them from having the right to foreclose, it may just buy some time until they decide to take action. You may be able to work out an agreement to pay less now and then pay more when you are able and then with that agreement they can not foreclose unless you violate it.
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