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Loren
Loren, Lawyer
Category: Real Estate Law
Satisfied Customers: 29102
Experience:  30 years of real estate practice experience.
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In Montana, if a second mortgage company is foreclosing on a

Customer Question

In Montana, if a second mortgage company is foreclosing on a property, what happens with the first mortgage? Does the person winning the bid get the property? Or does the land owner get to keep his property and has someone pay his second for him?
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Loren replied 1 year ago.

Good morning. I am Loren, a licensed attorney, and I look forward to assisting you.

Expert:  Loren replied 1 year ago.

The first mortgage has priority over the second. So, in for the second mortgage to get any money the first will need to be paid. So, if there is an auction, the second lender will not get anthing if the proceeds are not enough to pay the first.

Expert:  Loren replied 1 year ago.

Are you online with me?

Expert:  Loren replied 1 year ago.

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