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.

I know the market is not good for selling, but I am trying to get rid of my second mortgage, which is not too big, and get a better home at the same time.
I mean I am intending on selling my home. I won’t buy another home and continue to live in my own; I’d sell and then buy one.

I am interested in buying a home in Virginia and it is more than the VA ceiling of $417,000. Can I use a second mortgage to make up the difference between the $417,000 and the sale price?

I’m going on 3 months past due now on my mortgage. In other words my home is going into forclosure. I have a second mortgage that I am gonig on 2 months past due. I’m unable to catch up on my home mortgage. I want to know should I continue to pay the second mortgage? I already know that forclosure is in the making. Don’t the second mortgage get paid first when the home is sold. (Florida)

Have a $9500 second loan on house and would like to buy another. Need to sell the first one and getting rid of 2nd mortgage could make a big difference in it selling quickly. Any advice other than renting first home?

I didn’t sign the “LOCK-IN-AGREEMENT” for my second mortgage,if rates go down tomorrow,12/11/07,can I request a lower rate?

I’m selling a rental house and will hold a $26,000 private second mortgage for the buyers. Will the government tax me on this as money I received at the closing? Even though it is just paper? Or will I pay captial gains on any amount above my basis only when I get the payments from the purchaser? Basically, does taking paper look the same to the IRS as getting paid in cash?

I am going to bid on a house at foreclosure and it has a 1st mortgage of $280K and a second of $70K. The lender on the first two mortgages is Decision One Mortgage. The lender at foreclosure is Countrywide. Does this mean that if I buy this house at foreclosure that I will own additional money to the second mortgage or just the first mortgage and back taxes?

Will the second mortgage holders come after you or be able to put something (other than a foreclosure) on your credit like a judgement? Would they be ale to garnish wages or do anything crazy like that in the future? The reason for two loans was a first and second (100% loan) was used to purchase the home. The value dropped and the foreclosure auction will only be enough to cover the first mortgage and part of the second. If you could site any websites that show these types of laws it would be appreciated. Thanks.
Oh and real examples would be great. I’ve heard many people say yes they can come after you, but of those that have actually been foreclosed on I’ve yet to hear one of them tell me an actual horror story. This could be because many second lien holders use fear to get some people to pay them money and salvage some of their loss.
coragryph, keep in mind the 2nd was used as purchase money, so it was not a 2nd mortgage that was “taken out”. Also, have you actually heard of this happen or only studied it? Thats what i’m finding out, that most lenders don’t go through with that, as they end up getting nothing after spending all the money to legally fight it and most individuals could file BK to avoid it.

How can I satisfy the second mortgage when the employer will only pay off the 1st mortgage. Can I get a personal loan to pay it off. Will a bank loan me 80,000 to pay it off??? Sorry I wasn’t clear before.