I am not an expert in the Ginnie Mae loans. But, the servicer of the Ginnie Mae loan can make modifications to the loan in some cases. If you are more than 90 days late in most cases the loan will go back into the pool and can be repurchased. You need to talk to your servicer and see if they can be of help. Here is a link that may be of some help with additional information for you. I hope this will help. http://www.ginniemae.gov/issuers/FAQ%27s_loan_modifications.pdf
Lee Bridges, GRI, Realtor
Tallahassee, FL 32309... more
Every item needed to construct a building is still being manufactured in the United States. I would give a tax rebate or incentive to every construction company who orders all their building needs from American owned business's. Built in America, using only American products, by Americans..... more
"can they do that when they hold only a second mortgage which was taken out after the original mortgage to purchase the house?"
Most likely yes, they can.
Any Lien holder (mortgages, mechanics' liens, unpaid taxes, etc.) may have the right to foreclose on your property, regardless of their position (first, second, third, etc.).
Whether they would gain any money from a Foreclosure Sale is another topic. The superior Lien Holders (your First Mortgage) would have to be paid first from the proceeds of the Foreclosure Auction / Sale.
However, if you are in Bankruptcy proceedings, your attorney should be able to petition the court for a stay on any Foreclosure.
That is a question that only your Attorney (or other qualified Attorney) can answer.
Best wishes, and I hope everything works out for you,