Jump to content

Sign in to follow this  
econ.fail

What happens when 2nd mortgage forecloses first?

Recommended Posts

We're in default on both mortgages and plan to let the house go (we no longer live in it and were trying to do a short sale which didn't work out). The junior lienholder sent us a pre-foreclosure letter today which seems to indicate they'll be pursuing foreclosure before the senior lienholder. What happens if they go "first?" Will the senior bank see the info then file themselves to take "lead" on it, or does it matter which of them files first? I know the bank(s) will be taking the house at some point - I'm just wondering what happens if the 2nd mortgage holder files first and trying to get an idea of what might happen and how long it will take to happen. The house is way underwater, so there's no way the junior will actually get anything from the sale, so I don't know what their hurry is, but it's not up to me to know their reasons.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Sign in to follow this  




  • Today's Birthdays

    1. seattle
      seattle
      Age: 42
    2. goodkarma127
      goodkarma127
      Age: 21
  • Member Statistics

    • Total Members
      177,997
    • Most Online
      2,046

    Newest Member
    Relly
    Joined

About Us

Since 2003, creditboards.com has helped thousands of people repair their credit, force abusive collection agents to follow the law, ensure proper reporting by credit reporting agencies, and provided financial education to help avoid the pitfalls that can lead to negative tradelines.
×
×
  • Create New...

Important Information

Guidelines