Frequently Asked Questions
Here are some commonly asked questions regarding home loans
I am late on my second loan, but current on my first loan. Can the second lender start foreclosure?
Yes. The second mortgage lender can foreclose on the property even if the first mortgage is in good standing. A second mortgage is a secured loan backed by the value of the home, just like the first mortgage. The second lender has legal right to foreclose on the home if the loan is in default. If foreclosed, the first mortgage lender will be paid before the second lender.
I want to verify options provided by my lender. Who should I talk to?
To verify your options, we recommend talking with HUD (Housing and Urban Development) approved counselors. Please see our Resource Section.
If I file bankruptcy, am I still responsible for the loan?
A bankruptcy may provide relief from loan obligations. The loan, however, will still be secured by the property. In order to stay in the house, you will have to continue paying for the loan.
If you did not find the answer you were looking for, please call us as we are happy to provide more specific information relative to your unique situation.