Can a delinquent 2nd mortgage forclose on a house with a current 1st mortgage?

Mar

Can a delinquent 2nd mortgage forclose on a house with a current 1st mortgage?

Archived in the category: 1st mortgages

Yes. The house is collateral for both mortages so if you dont pay they will forclose.

Is it possible to refinance 1st & 2nd mortgages for a brand new house immediately after I close?
Can a default on a 2nd mortgage cause the the 1st to go into foreclosure if payments are current on the 1st?
I have a house with 2 mortgages 1st and 2nd loan i can pay for one and not the other can i stay in the house?
Can a 2nd mortgage forclose on a house?
Can my 2nd and 3rd mortgage holders foreclose on my house (1st mortgage is not delinquent)?

Posted by: admin - 5 Comments

5 comments for “Can a delinquent 2nd mortgage forclose on a house with a current 1st mortgage?”

frankie b

Yes. The house is collateral for both mortages so if you dont pay they will forclose.
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March 7th, 2010 at 2:08 am

Craig T

sure can
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March 7th, 2010 at 2:55 am

Pengy

Yes you put up your home as collateral, if they foreclose they will send the house to auction, get their money, whatever is left will go to the original lender, and you will be responsible for the remainder.
References :

March 7th, 2010 at 3:21 am

goz1111

In general yes it can happen, but unless they can sell the place for more then the first note, it does not make real sense

See what happens is the second can foreclose on the property and sell it but that process does not remove the first note on the title, so eventually the first note will move to foreclose and will unless it is paid off, so who wants a property that is still encumbered by the first note?
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March 7th, 2010 at 3:42 am

joveesasha

For sure
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March 7th, 2010 at 4:13 am

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