Posted by Max-Va on May 19, 2006 at 07:42:19:
At the sheriffs sale the property will be sold subject-2 the first mortgage. A second foreclosing is very common in my area. It seems homeowner will pay the first and ignore the second.
Foreclosing on the 2nd - Posted by Virgil Horner
Posted by Virgil Horner on May 18, 2006 at 23:36:26:
Hello,
What happens when a homeowner is defaulting on a 2nd? My friend is dealing with a situation where the homeowner is have the 2nd foreclosed on. This isn’t a normal situation, where it’s usually the 1st that somebody’s getting foreclosed on. What will the 2nd end up doing if the homeowner can’t catch it up? Thanks.
Virgil