house lien
Date: Tue, 01/04/2011 - 17:39
If my second mortgage puts a lien on my home and I let it go into foreclosure how would this affect me?
A second mortgage always has a lein on the property. We need m
A second mortgage always has a lein on the property.
We need more information...are you upside down? Behind? Tell us more.
Soaplady is correct... when you take out a mortgage, it becomes
Soaplady is correct... when you take out a mortgage, it becomes a lien on your property. If there are two mortgages and the first lender forecloses the property, he will try to recover his dues in full. If he cannot recover the dues in full, the lender will sue you for it. Similarly, if the second mortgage lender does not receive his dues, he will come after you in order to recover his dues in full. Thus, you will be liable for paying the balance amount to the lender.
