Legal Question in Credit and Debt Law in Ohio

2nd Mortgage Loan Agreement

I have a 2nd Mortgage with a loan company. My home was used as the security for the loan. I have been late with my payments and I have sent coorespondence to the company explaining to them the reason why I have not been able to make my payments on time, lose of hours on part-time employment, high debt ratio to what I make. At this time I am one payment behind. I have been threatened with losing my home. My question is: What can this loan company do legally to me if I'm making my payments but they are late?


Asked on 1/18/02, 9:20 am

1 Answer from Attorneys
Gregg Manes Gregg A. Manes, Esq.

Re: 2nd Mortgage Loan Agreement

The worst possible scenario is that the bank could file a foreclosure on the house and have it sold at sheriff's sale, however, a second mortgage holder usually does not have much protection with foreclosure, so they usually try to work things out.

Good luck!!!

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Answered on 1/26/02, 10:53 pm


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