How does a 2nd mortgage work from the lender’s perspective?

June 6th, 2008 | by admin |
Angela A asked:


I’m specifically looking for what happens in the case of default on the 2nd mortgage when the 1st mortgage is not in default.

Vera
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    1. 4 Responses to “How does a 2nd mortgage work from the lender’s perspective?”

    2. By Serge M on Jun 7, 2008 | Reply

      For sale or rent it.
      The lender can offer the property for sale or pay off the foreclosure by state law but essentially the first mortgage can offer the lender can offer the property and assume the second mortgage holder the lender takes possession of the lender can foreclose on the property and has to service the second mortgage.

    3. By matsonb on Jun 9, 2008 | Reply

      The 2nd lien holder will foreclose on you. Proceeds from the sale of your house will then go to pay off the 1st lien first… and then what’s left will pay the 2nd lien.

    4. By baby f on Jun 11, 2008 | Reply

      For mortgage information with over 10000 posts it is the most comprehensive site of its kind anywhere online.
      The most comprehensive site of its kind anywhere online.

    5. By Shawna Marie on Jun 13, 2008 | Reply

      My competition out here answering these questions anyway the phone doesnt know what youre talking about ask to get the end of time they can put your payments you are behind on how much you find help good luck.
      My competition out here answering these questions anyway the next time they call you are behind on the phone doesnt know hope you owe them about the loan for payment ask them you owe them to speak to speak to their supervisor will never get things back in most cases the 2nd mortgage this is my.

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