Posted on: 16th Oct, 2009 05:01 pm
if i stop paying a 2nd mortgage what happens with the 2nd lienholder if they foreclose can they and will they pay off the 1st and second and move one to the next owner pls advise thank you vic
If you stop makign payment to the second, the secodn lender will propabbly foreclose on the house and they will need to pay the first lein holder before they take thier share. Most probably they maynto get much
But some time they may negotiate with them for certain percentage between the two
But some time they may negotiate with them for certain percentage between the two