I have a 2ND mortgage with another bank . i cant make the payments . can they take my house?

Question

I have a 2ND mortgage with another bank . i cant make the payments . can they take my house?

Answer 1

Yes--the second mortgage company  has a vested interest in your home. so--if the payment is like 230/ month and you cant pay it--Its equivalent to not making the total mortgage payment--and millions of Americans know what foreclosure feels like. I will pray that you can find a solution before the second mortgage comp decides to go that route.

Answer 2

Well yes, that is what you agreed.   They gave you money, you spent the money, you agreed to either repay them to money they gave you or you would give them the house.

It looks like you are choosing to give them the house.

Answer 3

If you fail to make the payments, yes.