If you have taken out a second mortgage on your home and it goes unpaid, can they "reclaim" your home?
2007-09-11 04:56:26 · 4 answers · asked by BP 2 in Business & Finance ➔ Personal Finance
Yes
2007-09-11 05:10:49 · answer #1 · answered by Claudio 2 · 2⤊ 0⤋
your loan documents tell you what steps the second mortgage holder can take, as well as local law [where is this??]
usually, the second holder can foreclose. They may or may not decide to ... if they'd trigger a deficiency in the first mortgage by trying to do so, what would be the point?
on the other hand, if there appears to be plenty of equity after paying off the first, the second mortgage holder may very well foreclose at some point.
Other possible steps they might take include buying the first mortgage from its owner and the usual collection procedures.
GL
2007-09-11 05:14:42 · answer #2 · answered by Spock (rhp) 7 · 1⤊ 0⤋
Yes, on a second mortgage you have borrowed against the value of your home. They can attach your assets and even force a sale. Read your loan documents and see what exact steps the lender can take.
2007-09-11 05:56:30 · answer #3 · answered by Jay P 7 · 0⤊ 0⤋
if you took out a second mortgage without paying the
first one off you might as well hand over the keys to them
if you aren't paying.
2007-09-11 06:35:35 · answer #4 · answered by Anonymous · 0⤊ 0⤋