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05-22-2015, 12:19 AM #1
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- May 2015
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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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