Ask The Get Out of Debt Experts

Can Specialized Loan Servicing 2nd mortgage note foreclose on me? – Belinda

Consumer Complaint Submission
Written by Consumer

Hi I have a first mortgage with BOA @ 110,000 a second with Specialized Loan Servicing @ 26,000 I owe more than the house is worth.

Todays market value is 108,000. I am in the middle of a modification with BOA been going through it for almost 18 months…

I stopped paying my second note back in September. Question: can they foreclose on me? If so is it true that they have to pay off the first note (BOA) 110,000 in order to do that?

How would I suggest a settlement to the second lien holder? I can not afford an attorney and do not want to file bankruptcy… Please advise… Much gratitude B in Michigan……

Belinda

See also  Did You Get Foreclosed on With a Second Mortgage or Home Equity Loan? I Knew This Was Going to Happen.



About the author

Consumer

This is information that was submitted by a third party and not generated by GetOutOfDebt.org or Steve Rhode.

Leave a Comment

Scroll to Top