I Still Have Good Credit, my SCORE is 733 but now I’m being forced by second mtg. holder to consider Bankruptcy.

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I Still Have Good Credit, my SCORE is 733 but now I’m being forced by second mtg. holder to consider Bankruptcy.

Due to the Economic Meltdown, My Wife (who is on 100% Disability – (Mental and Physical) and I are experiencing an Extreme Hardship situation. Thers is VERY LITTLE work in my area, but I make enough on odd jobs incl. wife’s Disability check to stay current on first mortgage. However, I have a sizeable second mtg. with another lender that I am unable to pay at this time. They refuse to work with me even though I have a good credit Score of 733. I’m regretfully considering Bankruptcy. With my situation, can second mtg holder foreclose even if I stay current on first?

Asked on May 19, 2009 under Bankruptcy Law, Florida

Answers:

B. B., Member, New Jersey Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

A lender is not usually under any obligation to work with you.  And if you don't make the payments, a second mortgage holder can foreclose -- although if they do, they can only get paid after the first mortgage is paid off.  Depending on your situation, with good credit (while it lasts), you might able to refinance your first mortgage to pay off the second.

If you want to discuss this in more detail, you should see an attorney in your area.  One place to look for counsel is our website, http://attorneypages.com


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