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05-22-2015, 12:19 AM #1
- Join Date
- May 2015
- Posts
- 1
Second mortgage payment
Hello all, I am looking for some advice regarding second mortgage. The Scenario is like this, a homeowner has a house worth $300,000 and owes $250,000 on the first mortgage and $50,000 on the second mortgage from The Financial Forum, Ontario ( http://www.thefinancialforum.ca/refinance/second-mortgage/ ) If the homeowner defaults on the second mortgage but is currently on the first mortgage, how does this scenario work out? Can the lender on the second mortgage foreclose on the property, or causes the lender on the first mortgage have a say whether the property goes to foreclosure? Do you attempt a short sale when the default is on the second mortgage only? How this will work?
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07-01-2015, 05:49 PM #2
- Join Date
- Mar 2014
- Location
- Ann Arbor, Michigan
- Posts
- 1,289
The junior lender can default the borrower but would have to pay off the first mortgage holder to get to any asset value.
In reality the junior lender is out $50,000
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03-10-2016, 01:42 AM #3
- Join Date
- Dec 2015
- Posts
- 12
When you on the lookout for a hard money loan in San Diego, you can always rely on us. We have been providing hard money loans to the local real estate community for a long time now. Call today for more information.
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