My question involves a foreclosure in the State of: Michigan
My husband's pay was just cut over 30% and we are not going to be able to keep our heads above water to much longer. As of right now was are current on both our first ( GMAC) and second (SLS). We have to house listed for sale but nothing much happening in this area. If the house sold for what we are asking we would be able to pay off the first without any problem and 1/2 of the second. What mortgage should we not pay if it comes to that?
We were thinking that if we had to stop paying one of them the second would be the best as if they foreclosed they would want to protect their interest where as if it was the first they would come out way ahead an not care about the second
Any advise would be very helpful.