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Roger, Lawyer
Category: Real Estate Law
Satisfied Customers: 31788
Experience:  BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
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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.