How can a second mortgage foreclose?

I am in a really tough position right now and need some advice. I currently have a first and second mortgage on my home. I can pay the first but not the second (it is at a terrible interest rate) as it costs way too much for me. I read your response to a previous person where you had answered that the only way a 2nd could foreclose was if they purchased the 1st. Let's say the first is not willing to have them "buy them out"...what happens to the 2nd at that time? I have no problem catching up and paying them off once my real estate business picks back up again or even to sell the house and pay them off that way. But I have no where to go right now and simply cannot afford my bills right now. I realize it's a gamble and possibly Countrywide (2nd) may very well attempt to purchase my 1st (Wells Fargo) however I'm just looking at all of my options at this time before it's too far gone. I've contacted Countrywide regarding a Forbearance Agmt and they've not responded to me. It looks pretty grim huh?

I actually hold a 2nd mortgage on some property that I sold at 0% interest rate. The borrowors had 180 to secure refinancing and if they could not then they were to pay me monthly payments. However such time has went by that the 180 days has passed and now they have never started the monthly payments (4 months behind) what can I do? the mortgage is in the court house and I am unsure if they are even keeping up the 1st mortgage?

Our mortgage was sold to American Servicing Company and due to a job loss moving to a new city; we requested a loan modification and month after month they kept sending the financial packet; they never said we were denied or anything; Question: Can a law suit be filed for failure to comply with services that they have implied? We invested $21000.00 in our home for a down payment... we need suggestions..

I HAVE HAD A SECOND MORTGAGE FOR 7 YEARS,I HAVE NOT MADE A PAYMENT ON THE SECOND IN 4 YEARS. THE SECOND WAS ORIGINALLY WITH 1ST INDIANA BANK,IT WAS RECENTLY SOLD TO A PRIVATE INVESTMENT COMPANY.THEY HAVE CALLED AND STATED THAT THEY ARE PLANNING TO FORECLOSE ON THE HOME. THE ORIGINAL LOAN AMOUNT WAS FOR $16,000 BUT THIS COMPANY IS DEMANDING $28,000 IN PAYMENT.WHAT CAN I DO.CAN THEY FORECLOSE AND CAN THEY JACK UP THE AMOUNT OWED?

Hi,
I need help, please if anybody have experience in this. I own a home that have 2 loans, I am trying to do a short sales. My first lender Aurora Loan been cooperative but City are telling me because the loan is been more that 7 months they will not cooperate in a short sale because I will receive a 1099 for the full amount and my loan has been outsource to the legal Department. I do own 2 others properties but not equity. Is anybody has experience in this cases? What I can do. Please any help it will really appreciated.

This is the same statement because everything stills holds true. I will continue to seen this letter until these repairs are professionally completed.
It has been quite a while since the purchase and the required repairs from the city’s inspection forms has not been started. These things along with others are hindering me from enjoying my new home. The home was suppose to be air conditioned it is not. I informed you of this problem and you stated for me to find someone to repair it and you would pay for the expenses. I called you with the quote for the repair of this feature it still goes unrepaired. The air conditioning feature was a false statement made by you, Remax and the appraiser. This false feature increased the value of the home. I spoke to the next door neighbor and was informed the air conditioner has not worked in 10years or more. This letter is another attempt to inform you of the repairs that you said you would pay a professional company to complete. I gave you several companies to do the repairs, but you didn’t respond. I understand you are going through a financial hardship so is everyone in this economy, but still I was sold a home with several thousand dollars needed in repairs that you were required to pay a professional to complete. I feel the home was not worth it’s price because of the several false statements that were made to me. You stated that the repairs would be professionally done. I feel once the mortgage company paid you the lump sum of monies your commitment to pay a professional for the repairs ceased. This is unfair to a new home buyer. You suggested to take the repairs off the price of the home. I am willing to do this seeing how you are not financially able to pay for the repairs.

What type of an asset does the bank have if they foreclosed on the second mortgage only and have not bought out the first? Can they market the property if they have a sheriffs title for a second postion?

i am close to being 1 month late in my citimortgage payment so i sent out a workable solutions packet and everyone there tells me that it wont lower my 10.9 % fixed interest rate. The only way would be to refinance the 2 mortgages together. would JP Morgan Chase let Citimortgage buy them out? I owe more on JP Morgan Chase than Citimortgage . My total loan amount is 120,000. I dont want citimortgage foreclose on my house. If my interest rate was lower i could do it and they wont help me,by the way i did certified letter for my workable solutions to citimortgage so they cant say they never recieved the forms. Any advice please.