What happens if I pay my 2nd mortgage? Will I lose my house?
I have a 80/20 loan, but also the first and second mortgage are held with the same mortgage company. I am behind in payments on two loans by the lack of jobs. We are very close to foreclosure. We had hoped that if we have a way of our first mortgages (the major credit / over payment) caught and released the second mortgage that maybe we would have the chance to see saved from the loss of our homeland. We are not for credit and the only way our mortgage company is giving us an amortization table, although that would make our payments that we pay already struggling from much higher for the next six months to refinance. We have 3 children and my husband recently started a construction company that goes a little slower, he had hoped to start. However, we have great hopes and want more correct than anything else in this situation so we can keep our home. He has a lot of work ahead for us to become our first mortgage payments until we took once. This is the part that we capture do not know what to do about it at this point. Please, any advice would be greatly appreciated!