If a non judicial foreclosure takes place, is the borrower still responsible for a second mortgage on that property?

Asked about 5 years ago - Newton, IA

We are going through a non judicial foreclosure and have a second mortgage on the property. Will we still be responsible for paying the second?

Attorney answers (1)

  1. Answered . Typically yes. A foreclosure on the first mortgage does not satisfy the second, and the second lender can still go after the money owed under the contract. You might talk to a local bankruptcy and foreclosure attorney to find out what options you may have. This is a very common situation and there are solutions, but each state is different. Good luck.

Related Topics

Property foreclosure

If you miss too many mortgage payments, your lender can start foreclosure proceedings to take ownership of the property, but it has to follow your state's laws.

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