Posted on: 05th Oct, 2010 05:08 pm
if i purchased a second mortgage on a home that was sold at the court house steps and will this give me first option on the first mortgage ? and if not and some one else gets the first mortgage on the property where do i stand since i am the second mortgage holder.
thanks, ken
thanks, ken
Hi kenlori,
The first mortgage holder will have priority claims over the property. As a second mortgage lender, your claims will be subordinate. If the property is sold off, then the first mortgage lender will be able to satisfy his dues first. The rest of the money will go to you.
Thanks
The first mortgage holder will have priority claims over the property. As a second mortgage lender, your claims will be subordinate. If the property is sold off, then the first mortgage lender will be able to satisfy his dues first. The rest of the money will go to you.
Thanks
Some people use a second mortgage for others - and sometimes not used properly. It may be tempting to use an important source of money with a new loan, but remember that you are mortgaging your home. In some cases a second mortgage is the only way to pay for a necessity.