2nd Mortgage Foreclosure - Illinois

I live in Illinois. I owe more on my home then it is worth, home value = $275,000.00 I owe $389,000.00. I am up to date on my 1st mortgage but my 2nd mortgage is behind and the 2nd mortgage company is threatening to foreclose. I have tried working with the 2nd mortgage company but there offer was still very unaffordable for me. Will 2nd mortgage foreclose? If yes, will 1st mortgage compant try to stop it from happening? If no will 2nd mortgage company come after me for the 2nd mortgage balance?

[AFFA]

I wish to inform you that the second mortgage holder may perform the foreclosure. In this, the money from the new buyer will be applied towards first mortgage and then the balance will be paid to the second mortgage. In this regard for the remaining money the second mortgage company may ask from you as an unsecured creditor. The right to ask for the loan amount of the second mortgage holder remains untill whole amount has been paid.

AFF

Originally Posted by AFFA I wish to inform you that the second mortgage holder may perform the foreclosure. In this, the money from the new buyer will be applied towards first mortgage and then the balance will be paid to the second mortgage. In this regard for the remaining money the second mortgage company may ask from you as an unsecured creditor. The right to ask for the loan amount of the second mortgage holder remains untill whole amount has been paid. AFF

Thank you for your reply. If the 2nd mortgage forecloses and there is no money left after the 1st mortgage is paid, what benefit does the 2nd mortgage have in foreclosing?

[ron619]

Compare Mortgages

Our mortgage calculator compares thousands of mortgages and remortgage products.

www.ratemortgage.co.uk

Why let your home go when, instead, you could join the Mass Joinder against your bank and stop the foreclosure...... Wells Fargo / Wachovia, Indymac / OneWest bank, Citibank, Bank of America, JP Morgan Chase, GMAC are being held accountable in a massive lawsuit, already giving homeowners immediate relief. All lenders are being targeted and litigation will be filed as client files are accepted.

Mass Litigation