If you foreclose on your first mortgage, does the 2nd mortgage get foreclosed on also?
In Loans - Mortgages - Asked by 5star - 14 months ago
The 2nd lender can do the following:
1. File a deficiency judgment against you if the foreclosure sale doesn't cover the 2nd mortgage.
2. File a civil judgement against you and/or garnish your income.
3. Bid for the propery in the foreclosure sale and buy it back to rocover money they invested.
4. The 2nd lender can charge-ff any unpaid debt. This is considered debt as uncollectible.
Answered by Admin - 14 months ago