What are our options if we are being sued on our defaulted second mortgage and we don’t have any money to pay it?

UPDATED: May 24, 2011

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What are our options if we are being sued on our defaulted second mortgage and we don’t have any money to pay it?

We have not been able to pay my 2nd mortgage for over a year. The 2nd mortgage was sold to a collection agency. Today I received papers a summons. I am working but only making $8.50 an hour,; my husband is not working but is receiving a retirement pension which only covers our 1st mortgage. What are our options? What can we do?

Asked on May 24, 2011 under Real Estate Law, Missouri


MD, Member, California Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

You can try to find out if the collection agency or the second mortgage company sued you or if they are simply trying to collect right now. Contact your first mortgage lender and see if your first mortgage lender can give you a HAMP application (loan modification). Stay vigilent and make sure you fill everything out, give all relevant and timely documentation and make sure you do it quickly. If you do not get information or responses back, make sure you file a complaint with your state's department of financial institutions. Additionally, see if you can indeed modify your second loan or work on a simple repayment plan structured to help you during this time.

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.

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