I will soon be 4 payments past due on my first mortgage and 3 on my second mortgage. I am in the process of submitting modification paperwork to my first lender. I have been advised to also submit a modification to my second lender, but should I not pay my second lender in the meantime? [...]

My ex-wife still lives in our house. She pays the mortgage and I’ve been paying the second. She can’t qualify for a new loan so my name is still on both! I want to force her to sell and pay off the loans. If I stopped paying the second could the bank garnish my wages? [...]

What kinda of recourse do the lenders have? Is it different between the first and second mortgage? If the second also went into foreclosure, and the bank took the house, can the lender of the second mortgage still come after repayment through lawsuit or wage garnishment, etc? The house resold for less than the original [...]

I already have a first morgage and that interest was deducted, but can I deduct the interest from a second mortgage also? You may deduct interest on mortgages (for acquisitions) of up to $1,000,000 and home equity loans of up to $100,000. Therefore, let’s say you have a first home with a mortgage of $500,000 [...]

We noticed in our credit report that our second mortgage from Ditech had been discharged in a bankruptcy a few years ago. I know it is still a secured loan, but what can they do. Home value=$110,000. 1st mortg=$130,000. Ditech=$45000. Can the second mortgage put us out in the street? If you don’t pay it, [...]

My second mortgage is $150k. I understand that one can only deduct the interest paid on the first $100k. Is this correct, and if so, would it be reasonable for me to just leave off 1/3 of the interest, when making the deduction (for last year I made interest only payments)? Check out publication 936 [...]