I am going into foreclosure. A private lender has a 2nd mortgage on my property. What will happen to that?

July 23rd, 2008 | by admin |
Michael L asked:


Multi unit property has a recorded 2nd mortgage of 22k on it from a private individual. If the property gets foreclosed on, will I still be required to satisfy it? What is the lender accepts a short sale? WIll I be required to pay the 2nd mortgage then?

Julio
Share and Enjoy: These icons link to social bookmarking sites where readers can share and discover new web pages.
  • Digg
  • Bumpzee
  • del.icio.us
  • Facebook
  • Furl
  • Mixx
  • NewsVine
  • Reddit
  • StumbleUpon
  • YahooMyWeb
  • Google

  • What are the rules for forclosure on a 2nd Mortgage?
  • What happens to a second mortgage when a home is purchased at a foreclosure auction?
  • I live in the state of Nevada, if my 1st mortgage put my property in foreclosure, what about my 2nd & 3rd mort?
  • what happens if you foreclose and you have a home equity loan on the property?
  • Purchaser of foreclosure property responsible for 2nd mortgage forgiven in bankruptcy?
  • Can you use a 2nd mortgage to remove PMI on a pre-existing first mortgage?
  • If my 2nd home forecloses, and my 2nd mortgage on my 1st home is with that same lender, what will happen?

    • Sorry, comments for this entry are closed at this time.