Profile picture for momcheeze2002

What rights do the holder of a first mortgage have if second mortgage goes to foreclosuer

  • December 29 2013 - Sunset
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Answers (6)

Profile picture for Debi Gotlieb
I agree that this is a great question for an attorney. 
  • May 25
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Profile picture for pfinleyz
Reading your question, the first mortgage holder doesn't need to do anything as long as you are paying them. You still have rights to the home. The 2nd mortgageholder would have to pay off the 1st mortgage to get the home back. If the 2nd mortgage is completely above the value of the home the 2nd mortgageholder will not even foreclose. Go to www.loansafe.org there is so much good info there. On the right of the page halfway down are links to their forums, you don't have to register but can ask a question if you do, or just read about 2nds.
  • January 03
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Profile picture for wetdawgs
"basically I don't have any rights to the property".

You've not shared enough details to know where you stand, but if you've defaulted on a loan that used the property as collateral for the loan  they are working to get their money back (and they do have that right - you gave them that right when you signed the loan documents).

You need to pull together your data, what you owe for all loans, status etc  and review the exact details with an attorney with expertise in the area of real estate and foreclosures.

  • December 29 2013
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Basically, the second mortgagee would have to pay the first mortgagee off, to take title.
  • December 29 2013
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Profile picture for momcheeze2002
in other words, I don't have any rights to the property. 
  • December 29 2013
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I saw your question on another site and I am sure that you are getting multiple recommendations to contact an attorney.
  • December 29 2013
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