If we have a 2nd mortgage that we have been in default on for almost 15 years, what do you suggest we do to settle this account?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
If we have a 2nd mortgage that we have been in default on for almost 15 years, what do you suggest we do to settle this account?
The bank has never contacted us for payment. They probably own our house by now with a 12% interest rate.
Asked on January 24, 2011 under Real Estate Law, New Jersey
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
Really? And nothing has shown up on your credit report and no one has levied anything or put a lien on the anything? I suggest that you go and speak with an attorney and bring all your paperwork with you from the second mortgage. I can not imagine that you have fallen through the cracks like this but if you say that you have then it is time to deal with the matter. Do you have the money to repay the loan? If they have attacked your credit refinancing may not be an option. I think that you really have to see where you are before you can decide what to do about it. good luck.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.