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  1. #1
    Join Date
    Sep 2010
    Posts
    1

    Default Foreclosure of a 80/20 Mortgage in Texas

    My question involves a foreclosure in the State of: Texas

    Hi all, I have a bit of a predicament. I own a house in TX that I bought on an 80/20 mortgage - no refi, original purchase money. 80 is from Chase and 20 is from Citimortgage. My wife an I lost both incomes last year and kept the house payments up through savings, etc.

    We are going to relocate to FL as soon as we get rid of the house--my wife is already there working...I'm still in TX trying to sell...been on the market since May and nothing-no buyers or renters.

    Anyway, we can't afford paying for the house in TX and apt. in FL. Payments are approx 1450 on first with Chase and 250 on the second with Citi. I'm not late on either, but I have considered walking away from the first. If I walk from the first and move to FL, I can afford to keep making payments on the second.

    If the first forecloses, will the second do anything if I am current ans continue to pay? How would that situation pan out?

    Thanks

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    73,220

    Default Re: Foreclosure of a 80/20 Mortgage in Texas

    We can't tell you what the second mortgage lender is apt to do. I expect that your mortgage contract permits them to accelerate the debt or foreclose themselves in the event that the primary lender forecloses, and they can join in a foreclosure action brought by another lender. If they believe their security interest is threatened, I would expect them to act to protect their interest.

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