By Admin on Feb 28, 2008 in Renting & Real Estate
happygolucky asked:
I have a first and second mortgage on my home. The first mortgage is in forclosure. What is the obligation of the second lender. Is he obligated to pay his portion of the second mortgage and then forclose and then recoop his money? Or does the home just go into forclosre and then go to auction if not brought current on time.
Is the second under any obligation to bring the loan current or is it there choice?
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I have a first and second mortgage on my home. The first mortgage is in forclosure. What is the obligation of the second lender. Is he obligated to pay his portion of the second mortgage and then forclose and then recoop his money? Or does the home just go into forclosre and then go to auction if not brought current on time.
Is the second under any obligation to bring the loan current or is it there choice?
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The second will be paid IF there’s any money after the first is paid.
shelcom | Feb 29, 2008 | Reply
The second can do nothing and hope there is money to pay him/her or the second can bring the first current and to their own foreclosure.
JUST ME | Mar 3, 2008 | Reply