2nd and 3rd mortages in foreclousre

laurafrost82 · Joined: 10 Mar 2009 Posts: 6 3.38 Dollars($)

How does a foreclosure work in Nevada if there are second and third mortages on the property? I owe 145K more than the home is currently worth and will not be able to afford the mortage payments once my child is born.

Thanks

Guest

Hi laurafrost,

If you have more than one mortgage and the property goes into foreclosure, the first mortgage holder will have the first right to recover the outstanding balance amount. If the money from sale proceeds is not enough to pay off the other mortgages, the secondary mortgage holders can pass a judgment against you to place lien on the property or garnish your wages. I think you can try to go for a loan modification at an affordable rate.

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