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If your first original mortgage is current can a second mortgage foreclose?

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2012-01-25 10:56:28
2012-01-25 10:56:28

Yes. Any lien holder can initiate foreclosure proceedings when their lien is in default.

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The senior mortgagee (the first) will foreclose and take possession of the property subject to the second mortgage.The senior mortgagee (the first) will foreclose and take possession of the property subject to the second mortgage.The senior mortgagee (the first) will foreclose and take possession of the property subject to the second mortgage.The senior mortgagee (the first) will foreclose and take possession of the property subject to the second mortgage.


Yes. The bank could foreclose and take possession of the property subject to the first mortgage.


Yes, a financial company can purchase the lien on your mortgage and then foreclose on your property if you have not made sufficient payments.The second mortgagee can also foreclose on the second mortgage and take possession of the property subject to the first mortgage. In that case, the lender would have to pay off the first mortgage before it could keep any proceeds from a sale of the property..


The lender can foreclose and take possession of your property subject to the first mortgage.The lender can foreclose and take possession of your property subject to the first mortgage.The lender can foreclose and take possession of your property subject to the first mortgage.The lender can foreclose and take possession of your property subject to the first mortgage.



If the second mortgage is in default the second mortgagee can foreclose and take possession of the property subject to the first mortgage.



Yes. The second is subordinate to the first mortgage and therefore is at greater risk. If equity exists, the 2nd mortgage holder may receive payment for the debt when a senior lender forecloses. If there is not, then their lien on the property is wiped out and they must pursue the borrower in another fashion (such as a lawsuit). If the 2nd mortgage lender does not want the 1st lender to foreclose, they may choose to pay the 1st mortgage current before the foreclosure proceeds and attempt to collect or foreclose themselves.


A charge off just means a bank has considered a bad debt. They still have the right to collect on it. Now it is tough for a second mortgage company or bank to foreclose, reason being that there are in second position. They can start but if foreclosure is followed through with. The first mortgage is paid first and they get what is left over. Remember the house has to be sold etc. Many times they will sell your debt of to a less scrupilous collector. If they do start contact your first mortgage lender immediately. They may have options. Hope this helps.


Yes. Your second mortgage is secured by your home, so if you default on payments, the lender has the right to foreclose.


Yes. The second mortgage holder would take possession of the property subject to the first mortgage.


If you don't pay the mortgage the second mortgagee can foreclose and take possession of the real estate subject to the first mortgage. Many of them do just that.


Yes. The second mortgagee can foreclose if the mortgagor defaults. The second mortgagee would take title subject to the first mortgage and must make those payments or pay it off.Yes. The second mortgagee can foreclose if the mortgagor defaults. The second mortgagee would take title subject to the first mortgage and must make those payments or pay it off.Yes. The second mortgagee can foreclose if the mortgagor defaults. The second mortgagee would take title subject to the first mortgage and must make those payments or pay it off.Yes. The second mortgagee can foreclose if the mortgagor defaults. The second mortgagee would take title subject to the first mortgage and must make those payments or pay it off.


Never get a second mortgage --- only if you want to keep your house. 2nd mortgagees can foreclose on you


The second mortgagee can foreclose and take possession of the property. However, it would take possession subject to the first mortgage.


Yes. The junior mortgagee can foreclose and take possession of your property subject to the first mortgage. If there is enough value in the property the junior mortgagee can sell the property, pay off the first mortgage and put any remaining proceeds against the amount owed on the second mortgage.Yes. The junior mortgagee can foreclose and take possession of your property subject to the first mortgage. If there is enough value in the property the junior mortgagee can sell the property, pay off the first mortgage and put any remaining proceeds against the amount owed on the second mortgage.Yes. The junior mortgagee can foreclose and take possession of your property subject to the first mortgage. If there is enough value in the property the junior mortgagee can sell the property, pay off the first mortgage and put any remaining proceeds against the amount owed on the second mortgage.Yes. The junior mortgagee can foreclose and take possession of your property subject to the first mortgage. If there is enough value in the property the junior mortgagee can sell the property, pay off the first mortgage and put any remaining proceeds against the amount owed on the second mortgage.


A mortgage is a promise that you make to the lending company. You promise them that if you don't pay back the loan, then they can have your house. It's no different for the second mortgage except that if you fail to pay either bank, and they both want your house, then the first mortgage holder always wins. If you default on your second mortgage..then they have the right to foreclose and sell your property BUT they have to pay the balance on your first off. If you defalut on your first mortgage then they will give notice to your second mortgage company and give them the option to "accelerate " the mortgage and they can foreclose..but if the second does not then the first mortgage can foreclose and sell your property and only pay the second off if there is enough money from the sale. It really doesn't matter if the mortgage balance is the "smaller" it is who is recorded in first & second lien position.


The second mortgagee can foreclose and take possession of your property subject to the first mortgage.


If the second mortgagee forecloses and takes possession of the property it must pay the first mortgage or if they sell to a third party that party takes the property subject to the first mortgage.


In general, yes. However, the primary mortgage remains the senior lien on the property; they must be paid off from the proceeds before the holder of the second mortgage gets anything.


The biggest problem with second mortgage foreclosures is that you can lose your home even if you are still current on your first mortgage. The second mortgage, if defaulted on supersedes you first mortgage.


Generally, all the owners of the real estate must sign a mortgage so the bank can foreclose if there is a default.


A second mortgage already has a lien on the home. If you don't pay the second mortgage they will foreclose and take the home. By paying off the first mortgage you just make it easier for the bank to get their money back out of the property when they sell it.


Yes. But they have to reach an agreement with the first mortgage holder, for example by buying them, out so to speak. It can be complicated to say the least but it can be done.


It depends....the 2nd mortgage holder can buy out your first mortgage and then foreclose on the entire property , the chances are higher of this happening is the 2nd mortgage is kinda large or if they are held by the same lender. If the 2nd mortgage holder decides not to buy the first mortgage out then typically nothing with happen because the first mortgage holder is in control. The 2nd mortgage cannot foreclose on the first mortgage so keep the first mortgage payments current.If the 2nd does not buyout the first then the lien with remain on the property and you will be require to pay it off if you sell or refinance the property down the road.Mortgage loan officer PAIn Texas the law is: http://www.avvo.com/legal-answers/tx-foreclosure-second-trust-deed-4498.html



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