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Question

I have a first and second morgage on my home.What can the second morgage holder do if i default on it.Can they foreclose even though i'm still paying on the first?If they can't forclose what can they do?

Submitted: 17 days and 7 hours ago.
Category: Legal
Value: $14
Status: CLOSED
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Posted by FLandNYLawyer 17 days and 7 hours ago.

Answer

Hello,

Thank you for your question.

If a borrower defaults on the 2nd mortgage the 2nd mortgage holder file a foreclosure action. The property can be sold at a foreclosure sale and any deficiency or unpaid monies owed can be reduced to a judgment

17 days and 7 hours ago.

Reply

In that case wouldn't the first morgage holder be paid first and what if there is not enough equity to even come close if it went to sale to pay the second.And wouldn't the first holder have to agree to the forecloser, and why would they if thier still being paid?

Accepted Answer

In the event the 2nd mortgage holder proceeded with the foreclosure action, the proceeds would first be used to satisfy the first mortgage. The consent of the first mortgage holder is not required for the 2nd mortgage holder to file a foreclosure action.

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Expert: FLandNYLawyer
Pos. Feedback: 97.2 %
Accepts: 
Answered: 11/5/2009

Attorney

20 years of private practice

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