Lost Job & Income – 2 mortgages

I have just lost my job and own 2 homes with mortgages. I can manage the mortgage payments on the house I live in. I cannot manage to keep making the second mortgage payment, which is currently paid to date. I have had the second house on the market for over a year, reduced the price twice, and still hasn\’t sold. The mortgage comes up for renewal in May 2012, and due to no income will certainly not be renewed. What will the bank do? How should we deal with this? Could they come after the home where I live, which is mortgaged by a different bank? HELP! My current credit rating is excellent.

This entry was posted on Saturday, September 24th, 2011 at 4:20 pm by Questions and is filed under bankruptcy. You can leave a response, or trackback from your own site.