Posted on: 30th Oct, 2008 07:40 am
for non-payment of 2nd loan( or late paying) of can they take my home? i do have a mortage with who i have good standing with.
thank you,
thank you,
of course, a second mortgagee can begin a foreclosure action. payment on the first mortgage notwithstanding, if a second mortgagee isn't receiving payments on time, it will certainly begin an action to foreclose if necessary.
Hi l_settipane!
Welcome to forums!
Yes, the second mortgage lender will be able to foreclose the property if you are not paying the dues. However, in doing so, the second lender will have to pay off the first lender. This is a reason for which the second lender generally do not foreclose the property. But the second mortgage lender has all the rights to foreclose the property.
Feel free to ask if you have further queries.
Sussane.
Welcome to forums!
Yes, the second mortgage lender will be able to foreclose the property if you are not paying the dues. However, in doing so, the second lender will have to pay off the first lender. This is a reason for which the second lender generally do not foreclose the property. But the second mortgage lender has all the rights to foreclose the property.
Feel free to ask if you have further queries.
Sussane.
