Posted on: 27th Jan, 2009 06:59 pm
can any one tell me how or where i can find how a foreclosure on a 2nd mortgageis done . does the 2nd mortgage company buy out the first mortgage
hi sveenziebell,
the second mortgage lender will foreclose the property when you default on their payments. as there will be a first loan, the second lender will have to satisfy the first lender's loan. yes, the second mortgage company can buy-out the first lender.
thanks
the second mortgage lender will foreclose the property when you default on their payments. as there will be a first loan, the second lender will have to satisfy the first lender's loan. yes, the second mortgage company can buy-out the first lender.
thanks
Hi,
The second mortgage company can buyout the first if the former wants to foreclose the property. The second lender has to pay off the first and then carry out a foreclosure.
By the way, let us know more about your situation. Perhaps we can come up with even better suggestions.
May god bless you.
Samantha
The second mortgage company can buyout the first if the former wants to foreclose the property. The second lender has to pay off the first and then carry out a foreclosure.
By the way, let us know more about your situation. Perhaps we can come up with even better suggestions.
May god bless you.
Samantha
