Second mortgage foreclosure doesn't have to be as ominous as it sounds. Yes, the prospect of losing a home is frankly very scary, but you have to realize that the Government is trying it's best to protect your home. President Obama's bills are definitely witness to that!
Help … From The President
An $ 75 billion plan to help stop foreclosures is what President Obama offered us last year, so a second mortgage foreclosure will not be as inevitable as it used to be earlier, but in spite of this, many of us, in these times of recession fail to pay our monthly mortgage bills.
Under the terms in your average deed of trust, a second mortgagee can actually initiate the process of foreclosure if you, as a borrower have defaulted on your payments of the first or the second mortgage on your home. That is the ugly truth and there's no way of dressing it up nicely!
At the same time, let me tell you that by acting fast and smartly, you can save your home from foreclosure. If you have any additional assets such as jewelry, an extra car or anything which has high resell value, by all means use them in order to make payments.
While this might not close the loan for you, this might just tide you over for a bit. The basic thing you have to remember is that you have to show your lender that you are in fact, interested in repaying your loan! This fact has to come across and maybe you're mortgagee is going to show some mercy on you.
A Friendly Warning
Also, another thing to beware of is foreclosure scams and people contacting you over the phone. Many people and companies will come to your rescue, or so they would like you to believe. But all they want to do is drain you of all your money. So you need to be careful in these trying times.
You need to do everything in your power to save your house. You cannot do that if you lose hope. Check out resources and plans to help you avoid foreclosure. Second mortgage foreclosures are ugly, but the great part is there is hope and you can avoid it!