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Can a delinquent 2nd mortgage forclose on a house with a current 1st mortgage?
By
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Posted on
08/29/07 Total Answers
5
Answers-
Yes. The house is collateral for both mortages so if you dont pay they will forclose.
Answer by :
frankie b On Date
2007-08-29 14:09:04
sure can
Answer by :
Craig T On Date
2007-08-29 14:09:26
Yes you put up your home as collateral, if they foreclose they will send the house to auction, get their money, whatever is left will go to the original lender, and you will be responsible for the remainder.
Answer by :
Pengy On Date
2007-08-29 14:14:28
In general yes it can happen, but unless they can sell the place for more then the first note, it does not make real sense
See what happens is the second can foreclose on the property and sell it but that process does not remove the first note on the title, so eventually the first note will move to foreclose and will unless it is paid off, so who wants a property that is still encumbered by the first note?
Answer by :
goz1111 On Date
2007-08-29 15:10:53
For sure
Answer by :
joveesasha On Date
2007-09-02 11:16:22
