---

second mortgage

Author	Message
	Add to del.icio.us Add to YahooMyWeb Add to Simpy Add to BlinkList
hgazdrk Joined: 05 Mar 2011 Posts: 1 1.34 Dollars($)	Posted: Sat Mar 05, 2011 9:41 am    Post subject: second mortgage Like 0 Dislike 0 HI I have a question regarding our second mortgage, our first mortgage is current, we owe about $106000, house value is maybe between $65000 to $70000 not really sure, balance owed on second is $40000 but this is with another bank, this is home equity loan and it is 4 months past due, can a bank for second mortgage still to try to pursue a foreclosure? even though they do not have a title to the first one? combined balance for both mortgages is about $146000, we were told that only a bank that holds title to the property can foreclosure but that loan is current thank you
sara Moderator Joined: 05 Jul 2006 Posts: 2694 Location: New Brunswick, New Jersey 496.42 Dollars($)	Posted: Mon Mar 07, 2011 2:59 am    Post subject: Like 0 Dislike 0 Hi hgazdrk, The second mortgage lender legally has the rights to foreclose the property if it doesn't get it's dues on time. However, if the second mortgage lender does so, then he will have to satisfy the dues of the first mortgage lender before satisfying his own dues. In most cases, the second mortgage lender charges off the loan and assigns it to a collection agency. Take care. _________________ Find me at FB: http://www.facebook.com/people/Sara-Jones/100002976822020

Quick Reply
Your Name
Subject
Image Verification	Enter the code above here : Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours

Page 1 of 1

---

We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0