Second Mortgage|Reports on getting that second mortgage
Oct
30
Filed Under (Second Mortgage) by Administrator
I have two properthy. On one property I have two mortgage lender. If I were to forclose on my house, can the lender from a second mortgage put a lean on my current house?
Comments
Dawni Do Right on 2 November, 2008 at 7:33 am #
Yes, it is called a deficiency judgement.
satarnag01 on 3 November, 2008 at 6:26 pm #
Depends on the state and type of foreclosure. Judiciary foreclosures will allow the lender to get a judgment against you in which they can attach to your other property.
In California, the second are more likely to 1099 you than to pursue a judgment against you on investment property.
Regards…
acermill on 6 November, 2008 at 2:21 am #
Yes, they can. If you fail to honor your financial obligation anywhere, it is the choice of that lender to pursue a court judgment, and then use that judgment to obtain liens on your personal property.
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