The second mortgage is trying to foreclose

Our 2nd mortgage (Chase) is in foreclosure. I have been sending them money even though it is in foreclosure. I did not receive any written notice that they foreclosed. When I read my credit report, it simply states 'foreclosure/collateral'. It shows is foreclosed in 2006 and this is now 2007. What should I do?

I have a home with a first and second mortgage, what happens to both of these loans when the home goes into foreclosure?

15 months ago I moved to Atlanta and put my home in Ohio up for sale. The terrible job market in Ohio is what led to my move. I purchased a new home in Atlanta. By the grace of God I had been able to make both mortgage payments, the property taxes and all the other expenses that go along with maintaining a home for the last 15 months while waiting for it to sell. In 15 months we never received an offer. We had the house appraised and not totally surprised, the home appraised at $50,000 less than we paid for it just 2 years ago which explained why we never go an offer. We lowered the price to the appraisal price and received an offer the very next day. The problem is that the offer only covers most of the first mortgage. The second mortgage company will not agree to release the lien unless we pay them most of the deficiency balance which is about $63,000. They have offered that we can pay back 33K of the 63K money on a 15 year 0% interest loan. If I truly had the money I would but a 15 year loan would take me into my retirement years. We have told the second mortgage that the most we will do is 12K over 5 years and they have said no. We are now going to let the foreclosure proceedings begin. What can the second mortgage holder do to us?

an attorney holds a second lien on my building ( a note signed for 25,000) and wants to foreclose soon.
I have a 1st mortgage almost paid off..He claims the building is deteriating, however work is being done on the building
Also there is a tax lien on the building as well

I paid 60k for my house in 2000. I have a first mort of 58k and a second mort. of 43k (which i have not paid on since filing bankruptcy in 2003). The house has an appraised value for tax purposes of 75k. The 2nd mort. is now threatening foreclosure and I have not responded to them at all. I know that legally they can foreclose but my question is why would they. I doubt that the house would sell for more then 50k at an auction so they would not get anything. Do you think this is a last attempt to get me to pay something before they write off the loan?

My home has been foreclosed on with the first mortgage company whom was Countrywide. My second I have been paying on. What would the second mortgage company do if I were to stop paying?

I hold a 2nd on a house and the owner has never made one payment towards the 2nd. Can I for close on the owner. the house is located in va

We have a first and second loan. As of now we owe 150k more then it is worth. Obviously, we are not able to refinance. I was told our second mortgage is not able to foreclose us as long as we are current with the first. Is this true????

I am current on my 1st mortgage. I have not paid the 2nd mortgage for 7-8 months now. My 1st mortgage balance is $252,000. The 2nd mortgage balance is $35,000. The market is crashed right now and I do not think my home is worth $289,000 anymore. CAN THE 2ND MTG FORECLOSE ON MY HOME? I have recieved phone calls stating that they will foreclose on my property. PLEASE HELP WITH SOME ANSWERS....