How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Roger Your Own Question
Roger
Roger, Lawyer
Category: Real Estate Law
Satisfied Customers: 31022
Experience:  BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
6704987
Type Your Real Estate Law Question Here...
Roger is online now
A new question is answered every 9 seconds

Owe 26k on first mortgage, owe 53k on home equity line of

Customer Question

owe 26k on first mortgage, owe 53k on home equity line of credit that came fully due app. 11 months ago. house appraised twice at 25k and 26k. continue to pay first mortgage and second(heloc) threatens to foreclose. can they? house is in detroit , mi.
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Roger replied 1 year ago.

Hi - my name is ***** ***** I'll be glad to assist.

Yes, the second lender can foreclose on the property just as the first lender can. The only real difference in the two is that the second lender would have to turn over all proceeds from the sale to pay off the first mortgage before it can retain any money. This is why most second lenders never foreclose - - because the property is not worth enough to have any money left over after the first lien holder is paid. However, the second lender certainly has the right to foreclose if the loan is in default.