Posted on: 09th Apr, 2009 07:50 pm
i am currently 90 days behind on my second mortgage of 46000. i have a first that i am current on. my first is more than the property is worth. what happens if i default on my second mortgage. i live in mn.
Hi bckbmw,
If you are current on your first mortgage, the second mortgage holder cannot foreclose on the property. However, in case of a default, they can sue you and obtain a judgment against you.
If you are current on your first mortgage, the second mortgage holder cannot foreclose on the property. However, in case of a default, they can sue you and obtain a judgment against you.