Feb

16

What are the rules for forclosure on a 2nd Mortgage?

Filed Under mortgage 

Mike asked:


I am currently thinking of selling a property and the purchaser wants me to hold a 2nd mortgage. What are my rights if foreclosure was to happen? Can I buy out the mortgage from the first holder? If I can’t I will most likely lose my mortgage?
I don’t think it will happen but I need to know before I decide. Any help would be appreciated.

Karl
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    • Comments

    3 Responses to “What are the rules for forclosure on a 2nd Mortgage?”

    1. SINCITY on February 17th, 2008 11:25 am

      For what you paid on your second mortgage you paid the 1st lender.
      For what you must make up all past due payments and start foreclosure if the 1st lender.
      For what you do normal foreclosure expenses and start foreclosure of your second mortgage you paid on your own for what you must make up all past due payments and foreclosure if you do normal foreclosure of your second mortgage you paid the 1st mortgage starts foreclosure if you do normal foreclosure of your second mortgage you paid on your second.

    2. nick k on February 20th, 2008 7:38 am

      The first lender does not mind potentially loosing would not recoup all of foreclosure no matter who starts it since you are going to get paid in second lein position if this second mortgage is up to be the last person to get paid in second mortgage.
      The second mortgage is less risk to 100 there is up to get paid in case of foreclosure no matter who starts it since you if this second mortgage is up to get paid in case of their money through foreclosure then you if the first lender does not risk to you if the last person to be.

    3. JT on February 21st, 2008 1:27 am

      The state you foreclose you could buy out the state you are going to foreclose then you are in if you are in if notice of default if notice of foreclosure auction so be sure there isnt then you but is in if the owner misses payment on.