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    Sergiog's Avatar
    Sergiog Posts: 8, Reputation: 1
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    #1

    Oct 16, 2007, 12:48 AM
    Pay only 1st mortgage
    I have on my house 1st mortgage at amount 214K and HELOC at 222K. I don't have more power to pay two payments. If I stop my payment for HELOC and will pay only my 1st mortgage..
    LisaB4657's Avatar
    LisaB4657 Posts: 3,662, Reputation: 534
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    #2

    Oct 16, 2007, 06:33 AM
    If you stop paying your HELOC then the lender will foreclose. The notice of foreclosure will be sent to your first mortgagee and they will declare your first mortgage to be in default. Then they will foreclose as well. The house will be sold at auction. The money from the sale will go first towards paying off the first mortgage. Any money left will go towards paying off the second mortgage. If there is anything left after that you will receive it. If there isn't enough to pay off the second mortgage then the lender will have a deficiency judgment against you.

    I suggest that you either find a second job or put your house up for sale.
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