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There are many laws regarding second mortgages. For specific laws and regulations you should seek legal advice from a professional. There are many sites that offer free legal advice.
Wiki User
∙ 12y ago
Second mortgages are loans taken out on a property that is already mortgaged. The laws regarding second mortgages vary by jurisdiction, but generally, they give the lender the right to foreclose on the property if the borrower defaults on the loan. It's important to carefully review the terms of the second mortgage agreement and understand the legal implications before proceeding.
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