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Peggy Rooney Asked:

My son's wife recently moved out of his house. She was the person making the bill payments each month. Now he finds out that she has not made a payment on the second mortgage for some time. The second mortgage company wants the entire $22,000 and will no longer accept monthly payments. He has two children and is working two jobs just to pay the monthly bills. He tried to cash in his 401K but was told that he can only receive $1200 a year and not the $11,000 in the retirement fund. What should he do? Can the second mortgage company foreclose on his house? Thank you for your reply. [Annapolis MD]

01/02/2009

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Answer Provided by: Brian Allen [01/05/2009]
 

The second mortgage company should be willing to negotiate with the way the market is going. Negotiating with your son is better than getting nothing. Does he have any equity in the house to refinance and pay off the second?