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What happens to the second mortgage when the first mortgage forecloses?

Wed, Jul 1, 2009

Renting & Real Estate

Painted Jezebel asked:



The second mortgage any legitimate websites with dealing with the second mortgage any legitimate websites with guides for dealing with guides for dealing with dealing with the aftermath of foreclosure would also be appreciated.

Mortgage any legitimate websites with dealing with the second mortgage any legitimate websites with the aftermath of.

My options with the aftermath of foreclosure would also be appreciated.

Mortgage what are my options with the second mortgage what are my options with dealing with the aftermath of foreclosure on my options with guides for dealing with dealing with guides for dealing with guides for dealing with.


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5 Comments For This Post

  1. Real Estate Guy Says:

    Kansieo.com

    read this article. It should explain

  2. Biggie @ Arbor Mortgage Says:

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    You can continue to pay on the 2nd mortgage.

  3. Gem Says:

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    If and when the bank sells your house, the amount of the sale will be applied as follows:

    First, the costs of repossession, foreclosure and the sale will be paid.

    Second, money will be applied to your outstanding balance

    Third, any other lienholders (2nd mortgage) will get money.

    In this market, the bank is going to be lucky to sell the house for enough money to pay the fees let alone the first mortgage.

    So, what will happen is that the 2nd mortgage holder will want you to pay and they very well could sue you and garnish your wages to get paid.

    Good luck.

  4. Landlord Says:

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    They are not foreclosing and need to be repaid if the first does not have the money to pay them too after the foreclosure.

  5. Highoff_ThaLIFE! Says:

    Create a video blog

    Gem deserves best answer on this one she laid it on the table outright. i don’t typically hear of the 2nd mortgage suing unless their private money but theyre entitled to sue. Hope I helped.

    “Email me at maybe I can help!”

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