Posted on: 16th Aug, 2008 01:15 am
i have a second mortgage that is in arrears. can they foreclose and take possesion of the property.
jim brown
property is in ocala, fl
jim brown
property is in ocala, fl
Hi Jim,
Welcome to the forum. The second mortgage lender is also a secured lien holder. So he can also foreclose if don't pay the second mortgage. But generally if you are current on the first mortgage then the first mortgage lender will buy out the second mortgage lender and you will have to pay both of the mortgages to the first mortgage lender. Feel free to ask if you have any further questions.
Best of luck,
Larry
Welcome to the forum. The second mortgage lender is also a secured lien holder. So he can also foreclose if don't pay the second mortgage. But generally if you are current on the first mortgage then the first mortgage lender will buy out the second mortgage lender and you will have to pay both of the mortgages to the first mortgage lender. Feel free to ask if you have any further questions.
Best of luck,
Larry
Simple answer yes they can and will. Especially if you have any equity int he home.
Good Luck
Brian
Good Luck
Brian
How much does it cost to foreclose on a 2nd mortgage? Ed
Hi Edward,
Is your second mortgage lender foreclosing your property? Generally second lenders do not foreclose the property as they'll have to satisfy the first lender.
Is your second mortgage lender foreclosing your property? Generally second lenders do not foreclose the property as they'll have to satisfy the first lender.
No, I hold the 2nd mortgage. But I can see a problem in the near future. They are two payments behind now. Edward
You can forclose, but you will need to pay the first lender first before taking your money.
You would be better off, gettign a attorney.
Good luck and feel free to ask
You would be better off, gettign a attorney.
Good luck and feel free to ask
Hi Edward!
Welcome to forums!
If you foreclose the property, you'll have to inform the first lender and satisfy the first loan. This will leave you with hardly any kind of profit. As the borrower is not paying the mortgage dues, I would suggest you to either charge off the loan or garnish the wages of your borrower.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
If you foreclose the property, you'll have to inform the first lender and satisfy the first loan. This will leave you with hardly any kind of profit. As the borrower is not paying the mortgage dues, I would suggest you to either charge off the loan or garnish the wages of your borrower.
Feel free to ask if you have further queries.
Sussane