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What is the holder of my second mortgage up to? Idaho

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  • What is the holder of my second mortgage up to? Idaho

    I haven't paid on either my first or second mortgage in seven months but I've been accepted for the Obama Home Retention Plan and have just worked out a reduced payment plan with the holder of my first mortgage.

    A couple of months ago I was served a foreclosure notice by the holder of my second mortgage saying that they were going to foreclose in September. They have recently put this in a local paper. There are a lot of foreclosures in the area.

    Do they plan on buying out the first mortgage? Are they angling for the holder of the first to buy them out? What are they up to as it appears they can't really foreclose on the house as they don't hold the first?

    It doesn't make sense for me to make payments to the holders of the first if the second can foreclose. I'll be talking with the holders of the second in the future but would like to know what is going on before I do.

    The house is in Idaho and the lender is in Washington state.

    Thanks from Sheryl
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