If we have a 2nd mortgage that we have been in default on for almost 15 years, what do you suggest we do to settle this account?

UPDATED: Jan 24, 2011

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If we have a 2nd mortgage that we have been in default on for almost 15 years, what do you suggest we do to settle this account?

The bank has never contacted us for payment. They probably own our house by now with a 12% interest rate.

Asked on January 24, 2011 under Real Estate Law, New Jersey

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

Really?  And nothing has shown up on your credit report and no one has levied anything or put a lien on the anything? I suggest that you go and speak with an attorney and bring all your paperwork with you from the second mortgage.  I can not imagine that you have fallen through the cracks like this but if you say that you have then it is time to deal with the matter.  Do you have the money to repay the loan?  If they have attacked your credit refinancing may not be an option.  I think that you really have to see where you are before you can decide what to do about it.  good luck.


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