!st And Second Mortgages
I have a 1st mortgage$50,000 balance with Mellon bank. I have a 2nd for$14000 with citifinancial and a 3rd for $10000 with citifinancial. My husband is ill and wont be able to work for a few months. I am current with the 1st mortgage but 3 months already in the other 2. Can Citifinancial take control of the property or force sale of it in order to get their money? Or can they only put a lien against it. I am in Pa.
[ Edited by rockiedog on Date 11/28/2005 ]
Citifinancial can foreclose on either of your 2 delinquent mortgages and can sell your property at auction.
The auction buyer will take title to your home subject to the 1st mortgage.
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Anyone?
Was hoping to get some insight on this topic. Anyone out there who could help?
If you can rent and make a profit until the tide turns for a sale go for it.