lien on house

The value you of your home does not matter to the mortgage company when it comes down to foreclosing on you. If you are so many months behind then they will foreclose if a modification is not completed or the payments aren't caught up.

Now...the rest..lol

The second mortgage already has a lien on your home. It was filed when the second mortgage was taken out. If you stop paying the second the worst that will happen is the lien will stay on your home. It will continue to occur interest. You can't sell or refinance your home until it's paid off. Or it will be paid off with the funds from a purchase or refinance. The Refinance or Purchase would have to be enough to cover all liens.

The lien on your house is for the original amount that was taken out on the second. This isn't considered the amount needed to satisfy the lien. Just the amount at the time the lien was filed. What happens is at the time a lien is to be paid off, the lien holder will be contact and a payoff will be sent out. This is the amount required to have the lien removed. It will have all the interest and fees required to have the lien released.

The amount owed will continue to go up as time passes. It will not be the amount that was filed at the time the lien was put on the property.

I hope that helps....I think I got it all...lol

Yes thanks that helps....
Right now we are paying $2700 on the first, $289 on the second and prop tax is $390 a month. I sent the First my info just waiting to see if it can get mod in a program. I will try the same with the 2nd, but if they dont I was just wondering my options would be.

If the mortgage companies are not willing to work with you then your next option would be to hire a loan mod attorney to assist you.

WoW so far I am still waiting to hear from them about my loan Mod but they did say it would take 30-45 days (Wells Fargo). My second is with Citibank and I just turned in the paperwork but the guy in the branch kinda said they dont really bother unless you are 3 months late. But man those Citibank people are crazy Mofo's my payment was due on 5-13-09 and on 5-29-09 they add a late fee to it. For about 10 days now 8am I get a auto call saying I need to talk to them please hold.. then it hanges up on me. I get about 7 of them a day and 90% of the time it hangs up. I have talked to 5 people so far telling them I will make it on June 5 and please stop the calls. They say its a auto system and they cant. I am almost ready to just hold out for 3 months because how much of a A-hole they are.

I will tell you that it is easier to get a loan mod if you are at least 3 months late on your mortgage. It proves to the lender that you are facing a hardship. It's only a matter of if your willing to take the hit on your credit report.

"If you stop paying the second the worst that will happen is the lien will stay on your home"
"I will tell you that it is easier to get a loan mod if you are at least 3 months late on your mortgage"

So sassy since I am not behind on my first there is no way for the 2nd to foreclosing. They would have to buy the note from the bank that holds the 1st correct? I might just get 2 or 3 month behind so they will deal with me. They really dont have much info about 2nd's. I think they are dealing with people 1st first and then messing with the rest.

Guest, please know that the 2nd can foreclose if you're late, irregardless of what the 1st does. One has nothing to do with the other. If the 2nd pursues foreclosure, and the process is completed, the 1st will be paid off first with the proceeds. And if nothing is left for the 2nd, they will - depending upon the laws in your state - sue you / seek judgment for the amount you owe.

All 1st means is that they get paid first when the house is sold, whether voluntarily or through foreclosure, and 2nd gets what's left over.

It doesn't matter if you're up to date with payments on the 1st. The 2nd doesn't care about the 1st. They don't have to buy your note from the 1st. They will simply be paid after the 1st is paid off. That's it.

I know a couple who almost lost their home to foreclosure because they stopped paying on a 25k home equity line of credit. They pooh-poohed it, - just kept skipping the $350/month payment while paying their 2k/month mortgage. Well, the bank with the home equity loan began the foreclosure process!

Please do not think that paying the 1st will keep you out of foreclosure with the 2nd.

Good luck, - I hope things work out for you.