Can a 2nd mortgage be foreclosed upon in, even if the 1st mortgage is paid up to date?

Bellingham, WA Viewed 231 times. Posted 6 months ago in Foreclosure

My wife & I have fallen behind on our 2nd mortgage and we just came home to a phone call from the mortgage company saying they plan to proceed with foreclosure. We had been advised that the 1st mortgage takes precedence & that though it can be threatened, that the 2nd mortgage cannot be foreclosed upon. We're confused, what is the truth?

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Answers (1)

Margery Ellen Golant

This attorney is licensed in Florida and 1 other state. Posted 5 months ago.

What you were told is untrue. Second morotgage holders do indeed have the right to foreclse, and many do. How the holder of the second mortgagre will fare as a result of its foreclsure depends on what the property brings at foreclosure sale. If the property is worth more than is owed on the first mortgage, the holder of the second will get whatever is realized above that amount. If the irst mortgage balance is low enough, the holder of the second mortgage may decide to buy the first mortgage, and then when it forecloses, it will own your property.

It ould be a bad idea to push the holder of the second mortgage to foreclose 0 I would urge you to see if you can work something out. Get to an experienced foreclosure defense attorney right away to discuss. Check the web site of the National Association of Consumer Advocates, www.naca.net and look for an attorney who specializes in foreclousre defense.

National Association of Consumer Advocates

Golant & Golant, P.A.