Skip to main content

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

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

Posted

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.

Mark as helpful

1 found this helpful

Bankruptcy and debt topics

Top tips from attorneys

What others are asking

Can't find what you're looking for?

Post a free question on our public forum.

Ask a Question

- or -

Search for lawyers by reviews and ratings.

Find a Lawyer

Browse all legal topics