 jameshogg
Joined: 20 Dec 2005
Posts: 4291
Location: nevada
509.34 Dollars($)
|
 Posted: Fri Nov 21, 2008 11:17 pm Post subject: |
|
|
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. |
|
