What are our options if we are being sued on our defaulted second mortgage and we don’t have any money to pay it?

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What are our options if we are being sued on our defaulted second mortgage and we don’t have any money to pay it?

We have not been able to pay my 2nd mortgage for over a year. The 2nd mortgage was sold to a collection agency. Today I received papers a summons. I am working but only making $8.50 an hour,; my husband is not working but is receiving a retirement pension which only covers our 1st mortgage. What are our options? What can we do?

Asked on May 24, 2011 under Real Estate Law, Missouri

Answers:

MD, Member, California Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

You can try to find out if the collection agency or the second mortgage company sued you or if they are simply trying to collect right now. Contact your first mortgage lender and see if your first mortgage lender can give you a HAMP application (loan modification). Stay vigilent and make sure you fill everything out, give all relevant and timely documentation and make sure you do it quickly. If you do not get information or responses back, make sure you file a complaint with your state's department of financial institutions. Additionally, see if you can indeed modify your second loan or work on a simple repayment plan structured to help you during this time.


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