Mortgage

giraldo_carmen · Joined: 13 Nov 2008 Posts: 1 1.26 Dollars($)

How is it possible for a second on a property to get me out of my home when the first mortgage is still in my name?

carlpruitt · Posted: Thu Nov 13, 2008 7:05 pm Post subject:

Please provide some more details. Are you talking about the case where a second mortgage holder is foreclosing but not the first mortgage holder? If so, the second mortgage holder (or whoever wins the bidding at the foreclosure sale) will have to pay off the first mortgage holder in order to protect their interest. But they do have the right to foreclose as long as they follow the law.

jameshogg · Posted: Thu Nov 13, 2008 9:41 pm Post subject:

Hi giraldo_carmen!

Normally lenders do not foreclose on a property if it has a first mortgage with some other lender. I agree with Carl Pruitt that the second mortgage lender will have to pay off the debts of the first mortgage lender. I guess, you should speak to the second mortgage lender and try to get a loan modification or forbearance plan.

Thanks

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