I have 2 mortgages for one property, the smaller 1 about 15k is being foreclosed on, but the larger is not?

Question

I owne a property and have 2 mortgages on it, ones is for about 100k and the other about 15k i just found out that in about 2 weeks the smaller one is foureclosed on, which, is news to me. i am trying to figure things out with the morgage company before the sales date, but if it does go to auction before i can resolver it, what will happen to my larger morgage? Do they make me sell it or do i get out of it. Does anyone know. i am paid to date on my larger one, and i thought i was on my smaller one. Can they still take my house even though i have paid everypayment of the 100K one? This is in Ohio, thanks to all that answer

Answer 1

If you do not pay the mortgage holder that is foreclosing, you will lose the house. If you want to keep the house, pay the mortgage up to date before the foreclosure auction.

If the house is sold at auction, the mortgage holders will be paid from the proceeds. You can be responsible for any shortage between sales price and mortgage amount.

Answer 2

Well, lets hope you get it settled. In theory, if the property is sold to satisfy a foreclosure then you get the money left over from the sale after the mortgage is covered, but in this case one of them should be the first mortgage and the other the second. I would ring in the company holding the 100K mortgage and ask them for advice while talking to the 15K people. If you think it is paid properly, start asking your bank for copies of the checks.

Answer 3

whom ever is in 2d place gets the subsequent slice of the pie. that's frequently the 2d loan holder because of the fact the tax liens have been the two placed final or have been subordinated basically before final of the observe and deed of believe.

Answer 4

Contact a real estate attorney immediately!!!!