What Happens to a Second Mortgage During Foreclosure?

What Happens to a Second Mortgage During Foreclosure?

You may face foreclosure if you owe a large amount of debt on your home and can no longer afford making mortgage payments. If a foreclosure is a possibility, it is best to familiarize yourself with state foreclosure laws and hire legal assistance, especially when a second mortgage is involved.

Sometimes when a home is foreclosed or short sold, only the primary loan is taken into consideration. In some cases, weeks or months after the home has been foreclosed on or short sold, the holder of the second mortgage will demand payment of the amount they are owed.

During a foreclosure or short sale, your second mortgage lender can:

After a foreclosure or short sale, if you are contacted by the holder of the second mortgage with a payment demand, there are some legal options and protections for you.

If you are in this situation, a real property lawyer can help you through this situation by advising you on the different options you have. A real property lawyer can help work out an agreement or arrangement with the court or lender. To find a real property lawyer in your area, contact Attorney Search Network today.

If you have any questions about the information provided above, please contact Attorney Search Network.

Contact Attorney Search Network for an Attorney Referral to an pre-screened Foreclosure Lawyer.

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