Go Back To Search Results Question What happens if I stop paying my 2nd mortgage, but continue to pay my first? I can not pay my 2nd mortgage, what can the 2nd lending company do it I stop paying, but contiue to pay the 1st. mortgage? By Taijens L Posted on 02/18/09 Total Answers 5 Answers- they can force a foreclosure just like the first lender can. They will sell the house and the first lien holders gets their money then any thing left over they ge and if there is a balance owed they can come after you for it with a judgment and garnish your wages and at the very least send you a 1099 on which you will be taxed. Answer by : golferwhoworks On Date 2009-02-18 07:56:26 Your second mortgage is just as it is. Another mortgage. If you stop paying it, they can also file for forcloser. Try taking out an equity loan or refinancing in order to pay off your second mortgage. Answer by : fwf43 On Date 2009-02-18 07:57:29 The mortgages have somewhat equal interest in the house. If you default on the second mortgage, that company can foreclose because the loan is secured by the property. The only difference is, once the house is foreclosed and sold, the first mortgage gets paid before the second. Either way, you end up losing the house. If there's not enough money, depending on the state, you will still owe the debt and they can pursue you for it. Answer by : misslabeled On Date 2009-02-18 07:58:28 A mortgage is a mortgage. They can foreclose if you are 60 days late on either. Answer by : That One Girl On Date 2009-02-18 08:04:03 In order for the second mortgagee (lender) to foreclose they would have to pay off the first mortgage. Your first mortgage has senior priority and any subordinate mortgages have to satisfy the first before they can take any action. realtor.sailor Answer by : realtor.sailor On Date 2009-02-18 08:05:49   Go Back To Search Results