Can a second mortgage foreclose on a house?
Posted in Second Mortgage on 01/25/2012 04:44 am by admin
Question by Victoria L: Can a second mortgage foreclose on a house?
If you are up and current on your 1st mortgage and your 1st mortgage is 75% of your homes value, can a second mortgage with only %25 of value foreclose on you and obtain the property?I know they can lien against the home, but not quite sure on the actual obtaining the property.
Best answer:
Answer by casey s
Sure, it’s a bonded and you used the equity in your house to procured it. You agreed to give them the house if you didn’t hold your end of the bargain. (I use the pronoun “you” loosely here, I know you are just asking out of curiosity and are not in this situation).
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