What happens to a second mortgage after foreclosure?

Answer When a first lender forecloses on a property without enough equity to pay the second mortgage, the second mortgage loses its security interest in the property.Recourse LoanA recourse loan allows a ... Read More »

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Can a second mortgage go into foreclosure?

Second mortgage loans, which include home equity loans and lines of credit, are secured by real property and can be foreclosed upon. Failing to make payments on a first or second mortgage can lead ... Read More »

How to Deal With Foreclosure and Second Mortgage?

Dealing with financial issues can make it difficult to raise enough cash for a first and second mortgage. If you are struggling financially, it's important to work with lenders right away. There ar... Read More »

How to Stop a Second Mortgage Non-Judicial Foreclosure?

When you receive a foreclosure notice, you have around 90 days to do something to stop the foreclosure or you will lose your rights to the property. The exact time depends on the state where the pr... Read More »

What is the mortgage redemption period after a foreclosure?

When you default on your mortgage payments, the lender can foreclose or repossess your home. The home goes to a sheriff's auction for resale. You have a redemption period that provides a delinquent... Read More »