Posted on: 11th Oct, 2009 08:08 am
What happends to a first mortage when a home is foreclosed for the 2nd loan. Does the person who buys the property at auction become responsible for the first loan?
Hi Michelle,
The second lender will have to satisfy the mortgage dues of the first lender in order to foreclose the property. If the second lender does not satisfy the dues of the first lender, he may not allow the second lender to foreclose the property.
Thanks
The second lender will have to satisfy the mortgage dues of the first lender in order to foreclose the property. If the second lender does not satisfy the dues of the first lender, he may not allow the second lender to foreclose the property.
Thanks