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Second Mortgage with a bank different than the first

Second Mortgage with a...

Second Mortgage with a bank different than the first mortgage holder . Second Mortgage holder just sent me a letter stating I had 14 days to clear this up, or they would begin foreclosure proceedings.

Lawyer's Assistant: Since laws vary from place to place, what state is this in? And has any paperwork been filed?

What are my options. I have been out of work for 6 months. Just went to work for insurance company as a 1099 agent . It may be 3-4 months before I can support the mortgages.

Lawyer's Assistant: Has any paperwork been filed?

Not at present. I will check today

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

NOt sure. They will know better than me

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Answered in 14 minutes by:
12/20/2017
Richard
Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 56,872
Experience: 32 years of experience as lawyer in Texas. I'm also a Real Estate developer.
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Good morning. Can you provide me a bit more information? What is the value of your home? What is the outstanding balance of the first mortgage? How many payments have you missed? Thanks.

Richard
Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 56,872
Experience: 32 years of experience as lawyer in Texas. I'm also a Real Estate developer.
Verified
Richard and 87 other Real Estate Law Specialists are ready to help you
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Customer reply replied 6 months ago
Good Morning Richard . House value $550k . First mortgage $295k . Second mortgage , I have been unable to make payments since May 2017 . They say I oue approx. $15k . Second mortgage is 220k. I borrowed money against my ouse for the business. Wells Fargo forced me into bankruptcy for reasons not explained, except they had the right to call the note at any time. I have run into 4-5 peole in the area that this happened to after Wells Fargo bought Wachovia. I have the house on the market, but nobody is buying at present
Joycelaw
Joycelaw, Attorney
Category: Real Estate Law
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Experience: 32 years of experience as lawyer in Texas. I'm also a Real Estate developer.

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