Posted on: 12th Dec, 2010 06:08 am
please guide me in below query-
can the second mortgage holder foreclose if the first mortgage is still current?
thanks in advance.
can the second mortgage holder foreclose if the first mortgage is still current?
thanks in advance.
Hi sunil,
The second mortgage lender has the rights to foreclose the property though the first loan is current. However, if the second mortgage lender forecloses the property, the he will have to pay off the dues of the 1st mortgage lender prior to satisfying his own dues.
The second mortgage lender has the rights to foreclose the property though the first loan is current. However, if the second mortgage lender forecloses the property, the he will have to pay off the dues of the 1st mortgage lender prior to satisfying his own dues.