60 days behind on the 2nd mortgage

[jwmc1]

I plan to strip my mortgage and will likely be at about a 60% repayment. I don't want to file until January...should I just stop all payments on the 2nd or will I be at any kind of risk?

[justbroke]

So long as the value of your home is less than the balance on your first mortgage, you should have no issues. Besides, you should lookup the timeline for foreclosures in your State. Many States are taking at least 6 months to foreclose, so you'd have plenty of time.

The risk will be if you don't file and they actually do sue for foreclosure.

[UpsideDownMI]

Stop paying on it. I was 6 months behind on mine when I filed and never received a foreclosure notice.

[tjs1970]

i have not paid my first or second mortgage since march of 2009 and still no notice of default.......we still are having a hard time getting by even without the payment of 2792 a month and taxes of 330 a month...........we are continuing to pay our homeowners insurance though

[UpsideDownMI]

On a side note, you should get an appraisal done now (if you have not already done so). This will let you will know exactly where you stand with your potential to lien strip.

The EDM local rules require an AP or stipulation agreement to lien strip. If you have an full appraisal that shows that you are upside down, your lender will more than likely opt for stipulation agreement. That is what happened in my case.

[jwmc1]

On a side note, you should get an appraisal done now (if you have not already done so). This will let you will know exactly where you stand with your potential to lien strip.

The EDM local rules require an AP or stipulation agreement to lien strip. If you have an full appraisal that shows that you are upside down, your lender will more than likely opt for stipulation agreement. That is what happened in my case.

Found all of the sales in my subdivision during the last 12 months (about 13 sales). According to these sales, I am significantly underwater. I also contacted an appraiser today recommended by an attorney.