2ND MORTGAGES
I have a first mortgage and two second mortgages. The second mortgages started out as loans secured by household goods with Beneficial and Citifinancial. When my husand became sick we fell behind on the payments. The companies called us in to refinance our loans and turned the loans into 2nd mortgages. On my first mortgage I owe $103,000.00. I owe Citifiancial (the second mortgage) $10,000.00 and Beneficial (the third mortgage) $11,000.00. The city assesses my home at $92,000.00. Some of the homes in my neighborhood are selling between $113,000.00 to $130,000.00. My home needs new windows and doors and the kitchen countertop needs to be replaced. I have rececently lost my job and have not found a new job yet. Can Citifinancial and Beneficial forcelose on me if I am unable to keep my payments current. Thank you for any infomation you can give me.
Answer:
Yes, the second or third mortgage companies can foreclose if you fall behind on payments.
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