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what happens when the 2 mortgage had sheriff sale and anothe

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Icon Mini Profile wenb707





Joined: 21 Nov 2008

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Post Posted: Fri Nov 21, 2008 11:53 am    Post subject: what happens when the 2 mortgage had sheriff sale and anothe
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My 1 mortgage is with a different bank. What will happen when the 2 mortgage goes in a Sheriff sale and another bank buys the sales. the 1 mortgage is in good standing. what happens next? I live in Illinois.

Thanks,
Icon Mini Profile jameshogg
jameshogg




Joined: 20 Dec 2005

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Location: Nevada
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Post Posted: Fri Nov 21, 2008 11:17 pm    Post subject:
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Hi wenb!

Once the second mortgage lender starts the foreclosure proceedings, the first mortgage lender will try to buy out the second's interest in the property. Also the second mortgage lender could try to buy out the first mortgage. If the property has good equity, there is not much risk and there are chances that one lender will control both mortgages. To be on the safer side, you need to consult a good real estate attorney who may help you in managing the process and allow you to protect or realize the equity in the property.

Thanks.
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