What happens to the second mortgage when the first mortgage forecloses?
Written by admin on August 24, 2010 – 4:00 pm -I am going through a foreclosure on my first mortgage, what are my options with dealing with the second mortgage? Any legitimate websites with guides for dealing with the aftermath of foreclosure would also be appreciated.
Tags: First, forecloses, happens, Mortgage, second
Posted in Mortgage | 5 Comments »
What happens to a second mortgage when a home is purchased at a foreclosure auction?
Written by admin on March 7, 2010 – 12:43 am -I am going to bid on a house at foreclosure and it has a 1st mortgage of $280K and a second of $70K. The lender on the first two mortgages is Decision One Mortgage. The lender at foreclosure is Countrywide. Does this mean that if I buy this house at foreclosure that I will own additional money to the second mortgage or just the first mortgage and back taxes?
Tags: Auction, foreclosure, happens, home, Mortgage, purchased, second
Posted in Mortgage | 5 Comments »
