Legal Question in Real Estate Law in Pennsylvania

Foeclosure in lieu of second mortgage refinance

Property is primary residence for both myself and my wife. Property is deeded and mortgaged to both myself and my wife. The first mortgage is current. The second mortgage (''Line of Credit'') has an outstanding balance. The 10-year second mortgage term has expired whereupon the entire second mortgage amount is now due. The second mortgage payment status had been current.

Question: Can the mortgagor force the property into foreclosure if they decide NOT to refinance the second mortgage?


Asked on 6/27/05, 10:00 am

1 Answer from Attorneys
Mark Johns Mark Johns, Esquire

Re: Foeclosure in lieu of second mortgage refinance

If worse came to worse a filing under Chapter 13 could give you a 3 to 5 year period to pay off the 2nd mortgage. If you have been current and there is sufficient equity in the home barring something unforseen you should be able to get the financing.

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Answered on 6/27/05, 10:11 am


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