Posted on: 23rd Mar, 2009 04:07 pm
can the second mortgage lender foreclosure on a property of a disabled veteran whose current on his first mortgage.
Hi vaughnwaden!
Welcome to forums!
If you do not pay the second mortgage dues, the second lender has the right to foreclose the property. However, if the second lender forecloses the property, he will have to satisfy the dues of the first lender. Thus, second lenders hardly foreclose. In your case, if you do not pay the dues, the second lender will charge off the mortgage. A third party collection agency will collect the dues from you.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
If you do not pay the second mortgage dues, the second lender has the right to foreclose the property. However, if the second lender forecloses the property, he will have to satisfy the dues of the first lender. Thus, second lenders hardly foreclose. In your case, if you do not pay the dues, the second lender will charge off the mortgage. A third party collection agency will collect the dues from you.
Feel free to ask if you have further queries.
Sussane