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

Filed Under mortgage

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.