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Can a lender in the State of New Jersey foreclose on your home if they are the secondary line of credit holder?
Submitted: 200 days and 11 hours ago.
Category: Real Estate Law
Value: $20
Status: AWAITING CUSTOMER ACTION
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Optional Information
Hamilton, New Jersey
Already Tried:
Can a secondary lender in the State of NJ foreclose legally on your home even though the Primary lender is getting their payments?
Answer
Yes, though it is not likely that they will unless there is sufficient equity to support
If the second forecloses, the process requires the 1st to get fully paid and the 2nd will get any proceeds. Unless there is lots of equity, it would not make sense for the 2nd holder to foreclose UNLESS there is enough equity to get money out after the sale of the home
SO yes, it is possible and no, it is not likely
Please let me know if you have further questions; if so I will do my best to answer them. If not please hit the accept button, its the only way I get credit for my work.
Expert:
psimmons
Pos. Feedback:
100.0 %
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Answered:
5/6/2009
Lawyer
12 Years of experience in the law
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