Comments on: What happens to the second mortgage when the first mortgage forecloses? http://mycreditdebt.org/what-happens-to-the-second-mortgage-when-the-first-mortgage-forecloses.php Debt and Credit Blog and Resource Center Wed, 30 Mar 2011 17:42:44 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Highoff_ThaLIFE! http://mycreditdebt.org/what-happens-to-the-second-mortgage-when-the-first-mortgage-forecloses.php/comment-page-1#comment-189 Highoff_ThaLIFE! Wed, 02 Dec 2009 08:27:06 +0000 http://mycreditdebt.org/what-happens-to-the-second-mortgage-when-the-first-mortgage-forecloses.php#comment-189 Gem deserves best answer on this one she laid it on the table outright. i don't typically hear of the 2nd mortgage suing unless their private money but theyre entitled to sue. Hope I helped. Gem deserves best answer on this one she laid it on the table outright. i don’t typically hear of the 2nd mortgage suing unless their private money but theyre entitled to sue. Hope I helped.

]]> By: Landlord http://mycreditdebt.org/what-happens-to-the-second-mortgage-when-the-first-mortgage-forecloses.php/comment-page-1#comment-188 Landlord Wed, 02 Dec 2009 03:22:09 +0000 http://mycreditdebt.org/what-happens-to-the-second-mortgage-when-the-first-mortgage-forecloses.php#comment-188 They are not foreclosing and need to be repaid if the first does not have the money to pay them too after the foreclosure. They are not foreclosing and need to be repaid if the first does not have the money to pay them too after the foreclosure.

]]> By: Gem http://mycreditdebt.org/what-happens-to-the-second-mortgage-when-the-first-mortgage-forecloses.php/comment-page-1#comment-187 Gem Wed, 02 Dec 2009 03:15:21 +0000 http://mycreditdebt.org/what-happens-to-the-second-mortgage-when-the-first-mortgage-forecloses.php#comment-187 If and when the bank sells your house, the amount of the sale will be applied as follows: First, the costs of repossession, foreclosure and the sale will be paid. Second, money will be applied to your outstanding balance Third, any other lienholders (2nd mortgage) will get money. In this market, the bank is going to be lucky to sell the house for enough money to pay the fees let alone the first mortgage. So, what will happen is that the 2nd mortgage holder will want you to pay and they very well could sue you and garnish your wages to get paid. Good luck. If and when the bank sells your house, the amount of the sale will be applied as follows:

First, the costs of repossession, foreclosure and the sale will be paid.

Second, money will be applied to your outstanding balance

Third, any other lienholders (2nd mortgage) will get money.

In this market, the bank is going to be lucky to sell the house for enough money to pay the fees let alone the first mortgage.

So, what will happen is that the 2nd mortgage holder will want you to pay and they very well could sue you and garnish your wages to get paid.

Good luck.

]]> By: Biggie @ Arbor Mortgage http://mycreditdebt.org/what-happens-to-the-second-mortgage-when-the-first-mortgage-forecloses.php/comment-page-1#comment-186 Biggie @ Arbor Mortgage Wed, 02 Dec 2009 02:50:39 +0000 http://mycreditdebt.org/what-happens-to-the-second-mortgage-when-the-first-mortgage-forecloses.php#comment-186 You can continue to pay on the 2nd mortgage. You can continue to pay on the 2nd mortgage.

]]> By: Real Estate Guy http://mycreditdebt.org/what-happens-to-the-second-mortgage-when-the-first-mortgage-forecloses.php/comment-page-1#comment-185 Real Estate Guy Wed, 02 Dec 2009 01:57:37 +0000 http://mycreditdebt.org/what-happens-to-the-second-mortgage-when-the-first-mortgage-forecloses.php#comment-185 read this article. It should explain http://www.washingtonpost.com/wp-dyn/content/article/2008/04/11/AR2008041101914.html read this article. It should explain http://www.washingtonpost.com/wp-dyn/content/article/2008/04/11/AR2008041101914.html

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