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Law Pro
Law Pro, Attorney
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Experience:  20 years legal practitioner: real estate, collections, estate, civil, business, and criminal law
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If an individual is caring the 1st and 2nd on a house and the

Resolved Question:

If an individual is caring the 1st and 2nd on a house and the 2nd is due on Oct. 3 and she is calling in the note. I currently have a refi in the works all long do I have before she forcloses. and what happens seeing its only the 2nd not the first.
Submitted: 8 years ago.
Category: Legal
Expert:  Law Pro replied 8 years ago.

Generally, the 2nd doesn't foreclose because they are subject to the 1st loan which has to be satisfied in full before the 2nd gets a dime.



If a first mortgage is paid off or refinanced, an existing second mortgage would automatically fall into the position of first mortgage. If a first mortgage is being refinanced to take advantage of a lower interest rate, the second mortgage holder would typically have to sign an agreement to continue being subordinate to the new first mortgage being written.

Customer: replied 8 years ago.
If the due date on the 2nd is 10/3/08 but the house hasn't been refid yet what can the lien holder due
Expert:  Law Pro replied 8 years ago.

What do you mean due date is 10-3-08 - is this some type of baloon payment?


As I previously outlined, the mortgage holder holding the 2nd mortgage becomes the 1st mortgage holder upon the refinance of the 1st. Once that happens the 2nd mortgage holder can then foreclose on the property and be in 1st position - meaning they get all their money first.

Customer: replied 8 years ago.
Yes, this is a balloon payment on the 2nd. The 2nd was only given for a couple of years then due and payable. Sorry for the confussion.
Expert:  Law Pro replied 8 years ago.

Well the 2nd would become the 1st upon the refinance of the 1st unless the 2nd would agree to stand in 2nd position.


When the 2nd becomes the 1st lien holder - they can foreclose and they get paid first before the refinanced loan.

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