Foreclosure in Stockton>Question Details

Amy, Other/Just Looking in Stockton, CA

Do I continue to pay on my second mortgage if I have stopped paying my first mortgage?

Asked by Amy, Stockton, CA Tue Mar 24, 2009

My husband and I have each had ten percent pay cuts and can no longer afford our mortgage. We have to stop paying our mortgage, but are unsure if we are to continue paying on our second mortgage which is held by a different bank.

Help the community by answering this question:


Hi Amy.

Short answer: if you cannot make the first mortgage payment and can't modify the loan so you can afford it, then that lender will be able to foreclose on the property and the second mortgage will be "wiped out" even if it is current.

I would suggest that you consider doing a short sale on the property if there is no way you can get current and continue making both payments in full. If you are not able to do a modification that will insure future payments, a short sale seems to be your best choice. There are many factors to consider, so you will need to talk to someone who has specialized training in working with lenders to get a short sale approved. If you need more specific answers, please feel free to give me a call. I have had specialized training for over 3 years now in pre-foreclosure and short sales.

Pam Jernigan, Realtor
0 votes Thank Flag Link Thu Mar 26, 2009

If you are having a hardship and the mortgage payments cannot be met and you are behind on your payments, you might be a perfect family for a mortgage modification. If you go to my website and select the APPLY NOW link button and answer 10 questions, you can find out if you qualify for a mortgage modification within 24-48 hours. Usually with 24 hrs. Finding out if you qualify is free and easy.

It does not matter that you have two loans from two different banks or if you were looking to do a modification on an investment property either.

Go to:

With Home Loan Preservation help and anwsers are here for you. We operate in all 50 states. Do yourself a favor and find out today if you qualify to reduce your monthly mortgage payments and get a good night sleep tonight.

0 votes Thank Flag Link Wed Mar 25, 2009
If you stop paying the first and paying second, still the first lender can foreclosure your house. I think you are good candidate for loan modification, you both still have jobs. Talk to the first lender and explain your situation and ask for loan modification to make an affordable payment to keep your house. Let me know if you need any assistance from me.

Blaison Samuel
Certified Short Sale Specialist
0 votes Thank Flag Link Tue Mar 24, 2009
Hi Amy,

You should always try to make your payments or payment. There are many counselors available to help you that could assist in renegotiating your home. In addition, you may want to consider a Short Sale at this point.

Take a look at the following website:

Let us know if we can answer any additional questions.

Keep your head up!

With warmest regards,

Rocky G.H. Hawrysz
Realtor, Broker Associate, ABR, e-Pro
(209) 444-6610
0 votes Thank Flag Link Tue Mar 24, 2009
You are asking a legal question, which, to be fair to you, is just not in our realm of expertise. Talk with an attorney and probably a CPA.
Good luck.
0 votes Thank Flag Link Tue Mar 24, 2009
Keith Sorem, Real Estate Pro in Glendale, CA
Hi Amy,

Stockton is one of the hardest hit areas in the country, but you know that better than I do. With all the changes taking place I would suggest that you talk to a local bankruptcy attorney . There is talk from Congress regarding giving judges the right to adjust mortgages...amounts owed and interest rates. I have heard that this has been allowed previously for second homes, vacation homes, etc...but was not allowed for a primary residence...and supposedly this has or is in the process of being changed.

Good luck.
Web Reference:
0 votes Thank Flag Link Tue Mar 24, 2009
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