2nd Mortgag too hard to pay. What to do?

Hi there tomwhy3 -

First and foremost, no one here thinks you are awful - most of us have made credit/money/mortgage mistakes or had issues with the same, that's why we're here! We came here for help with our own issues, and stayed to help others the same way we were helped.

I'm not terribly experienced with the 2nd mortgage issue you are dealing with, but someone else will come along soon to answer your question. I just wanted to reassure you that no one here is going to judge you.

We don't think you are awful, you were just doing what you could to get by. And nobody will judge you for that. I am sorry but I don't know anything about a 2nd mortgage but I am sure someone will be along shortly to help you out.

If you stop paying on your second mortgage, they can foreclose. You should talk to a bankruptcy attorney - they can possibly restructure your mortgages and eliminate your credit card debt.

However, to clarify, a second mortgage is a lien against your residence and they can foreclose before a first - technically they force a foreclosure as well on the first. Have you talked to a lender about the new FHA Stimulus loan that may be able to help you to refinance the first and second to make it more affordable?

Yes thats true the lender can foreclose....but if you explain your situation to the lender then he might also chalk out a repayment plan for you.