Go Back To Search Results Question can an overdue 2nd mortgage put home in default if 1st mortgage is timely? if 1st mortgage is paid on time and has not defaulted but 2nd mortgage is behind, can 2nd mortgage cause house to default? By ownbiz Posted on 03/28/09 Total Answers 3 Answers- actually most of the time the most they can do is put a lien on your house. the primary mortgage holder may have some rules about that though. either way, it's a slippery slope. look into refinance ASAP. Get just one loan Answer by : Jesse On Date 2009-03-28 00:51:04 of course. The loan is secured against the property. If you don't pay, they can go after you. PLUS, you are NOT protect as a nonrecouse loan on 2nd mortgages AND the IRS will come after you for taxes on the lenders loss. PAY UP Answer by : Real Estate Guy On Date 2009-03-28 08:40:50 The 2nd mortgage is secured by the property just like the 1st mortgage. The only difference is that it is in the 2nd position behind the 1st mortgage, which means the 1st mortgage gets paid off first should they foreclose. If the 2nd mortgage is held by the same lender is the 1st mortgage, they will just foreclosure on both if you do not work something out. If the 2nd is held by different lenders, generally the 1st mortgage holder will begin proceedings on the 1st mortgage after they are notified by the 2nd mortgage holder that you are in default and moving to foreclosure. Call, call, call, and call them again and try to work something out. If it’s an Equity Line, most are 20 year notes. Maybe they will modify it to a 30 fixed, versus a 20 adjustable. If the 2nd mortgage is already in default, it’s too late to refinance. Answer by : Norman R On Date 2009-03-30 10:11:02   Go Back To Search Results