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I have 1st mortgage, 2nd mortgage & 3rd mortgage. What happens if I don't pay the 2nd and 3rd mortgage? My 1st is up to date. Can the 2nd and 3rd foreclose?
Yes, the 2nd and/or 3rd can foreclosure. Additionally, your credit will be damaged if you miss these payments because you'll receive mortgage late dings.
Have you considered refinancing the 3 loans into a single loan? Your payments may decrease because you won't be paying the higher interest rates you have with your 2nd and 3rd. Also, you may be able to increase the term of the loan, resulting in lower payments.
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