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?
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.
May 1st, 2010 at 12:05 am
The second will be paid IF there’s any money after the first is paid.
References :
May 1st, 2010 at 12:13 am
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.
References :