Asked over 1 year ago - Milwaukee, WI
FlagI am going through the foreclosure process. My loan is through WHEDA and I also had taken out a small second mortgage through them to cover closing costs. I understand that once the house has been turned over to them, I will still be responsible for paying the second mortgage. It's a small amount - less than $3,000 but I can't pay it in one lump sum. I currently make monthly payments of less than $50. Will I be required to pay off the second mortgage immediately, or will I still be able to make regular payments?
You are not in default on the second. You can continue to make your monthly payments according to the agreement, unless the agreement provides otherwise.
I hope this helps.
Respectfully,
Steven A. Leahy
www.chicagotaxteam.com
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