My 2nd says they are going to foreclose, what laws to they have to abide by?

I'm a Executive Banker so I'm very familiar. To answer your questions yes they can foreclose. If you fall behind on one loan you lose the home, because there both liens attached to the home. Foreclose on one foreclose on the other. You cannot have any mortgage lates to qualify for the hope program. It was designed for clients in adjustable rate mortgages who have no equity to refinance out, rather than force them to be stuck in a loan that continues to increase in payment they allow you to refinance out. Your Creditor does have to follow Maine laws, it doesn't matter where the mortgage company is located it matters where the home is located. After you've had three late payments they'll start the foreclosure process it goes into a redemption period and typically you have 6 months to redeem the home after that it goes to a sheriff sale. You should call your mortgage company that holds your primary loan they're risk more to lose loan wise than the secondary holder to see if there is something they can do for you to consolidate that loan or refinance that loan.

Hope this helps.

gmac has my second , from the day i entered into the mortgages. i have a first with indymac.

i have had a serious hardship, the first is inside the foreclosure process. of 455k, the second of 80k with gmac is also in default by 3 months. gmac sent me a certified letter. asking to pay them 20k to satisfy the 2nd heloc. great deal! gmac along with all 2nd position lenders will negotiate for 20-30 cents on the dollar. you may have to be in foreclosure on your first, to get any kind of reduction to payoff the 2nd.