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|Subject: Re: foreclosure questions||Date: 12/12/2010 2:51 PM|
|Author: explorer1999||Number: 299956 of 307563|
I am keeping the property but am stopping payment on the 2nd loan because the loan is interest only and I will not have the money to pay the full amount of the loan in 10yrs (when the loan is called) nor will they allow the loan to go into a fixed rate.
I plan on keeping the property and continue paying the fist loan ie the 80% of the loan (it is a 30yr fixed). I spoke with the majority loan company and they said that it is rare that the holder of the 20% will be able to forclose on me.
What is a 1099-c and how woill that effect me?
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