What, Paratactically Speaking Can The 2nd Do??

[SteveSutton]

If the 1st Mortgage is current, what, practically speaking, can the 2nd do if you fall behind?  In order to foreclose, don't the have to buy out the 1st?  If they were to sue to foreclose, the 1st would still be the upset bidder at the sheriffs sale, eliminating the 2nd's interests.  so what is their real leverage?

[cv91915]

https://www.nolo.com/legal-encyclopedia/what-happens-if-you-default-second-mortgage.html

 

Also you will not be able to sell the home with an open lien.

[hegemony]

curious the reason for your question. the 2nd can slam your four major consumer credit reports too...

[SteveSutton]

Because the 1st mortgage holder played ball and modified the mortgage, the 2nd is trying to over-play their hand.  Since the mortgages were discharged in bankruptcy, I'd be thrilled if the 2nd tried to make any sort of new report .

 

[hegemony]

perhaps include more info when you ask questions in the future

[SteveSutton]

Fair point...