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In this video i'm going to talk about the topic which is called "Can a second mortgage foreclose".
The short answer is yes, of course a second mortgage can foreclose. I'm not sure where the misconception comes from where people think that second mortgages cannot foreclose, I get sort of this question, but they're a second they can't foreclose only the first can foreclose.
Unfortunately, that's not accurate when a second mortgage or a heloc, they're synonymous in this sense, is given to you meaning you fund the loan, so let's i always like to use a hundred thousand dollars as my example. If you have a first mortgage as four hundred thousand, you have a second
mortgage of a hundred thousand - if you don't pay that hundred thousand, what do you think happens?
It typically is not going to just walk away or, I don't want to get too deep into the zombie loan hole, but a second mortgage has the right to foreclose. When they lend you a hundred thousand dollars or two hundred thousand dollars, whatever the dollar amount may be on your home - in
second position they have the same right to foreclose that a first position mortgage has.
Watch the video till the end, so you can learn more about this interesting topic.
00:00 - 00:15 - Let's discuss topic "Can a second mortgage foreclose"
00:16 - 02:43 - Full explanation of the topic
02:44 - 02:59 - If you have any questions, please contact Sternberg Law Group
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#sternberglawgroup #foreclosureattorney #mortgageattorney Disclaimer: The information provided in this video is for general informational purposes only and is not intended to be legal advice. Viewing this video does not create an attorney-client relationship. If you require legal advice, please consult a licensed attorney in your area
Can a second mortgage foreclose
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