how long for ditec mortgage to forclose on a second that is 100 percent underwater,I was thinking they would be in no rush because thers nothing to gainEnybody else get forclosed by them under these conditions
-
-
If there is nothing securing the second mortgage, the value of teh home is less than the balance on the first mortgage, second mortgage holders will generally leave you alone.
They'll charge it off, and maybe assign it to a collection company to harass you into paying.
There is no good reason for a second (third, fourth, etc) lienholder to foreclose on a property which is not worth the value of the first mortgage.Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
Status: (Auto) Discharged and Closed! 5/10
Visit My BKForum Blog: justbroke's Blog
Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.
Bankruptcy Wizard
Comment