Posted by Ben (NJ) on June 02, 2000 at 17:29:57:
nt
2nd or Jr. Foreclosures - Posted by Tim W. (NJ)
Posted by Tim W. (NJ) on June 01, 2000 at 21:47:50:
How does it work when a holder of a 2nd mortgage wants to foreclose? Can it be done, and if so, how’s it affect the 1st?
Re: 2nd or Jr. Foreclosures - Posted by Ben (NJ)
Posted by Ben (NJ) on June 02, 2000 at 07:18:56:
As holder of the second you will be foreclosing on any
interest junior to yours. The first will be senior and will survive any sheriff’s sale. I assume the first is also in default so you may have to keep making those payments so they don’t foreclose or if you have the cash, pay off the first in full and continue your foreclosure in first position.
Re: 2nd or Jr. Foreclosures - Posted by Tim W. (NJ)
Posted by Tim W. (NJ) on June 02, 2000 at 15:00:40:
So, if I am foreclosing as a 2nd mortgage holder, would that in effect force the sale of the property, which would then go to pay off the first, then pay off the second, and if anything is left over, would go to any other encumberances Jr. to the second? This has always been a question in my mind having no first (or second lol) hand experience in this area).