Posted on: 21st Nov, 2008 10:53 am
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,
Thanks,
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.
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.