Difference between revisions of "Foreclosure"

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===What if I have a second mortgage registered against my home?===
===What if I have a second mortgage registered against my home?===
After foreclosure proceedings, any mortgages or charges registered before the lender’s mortgage continue and are still valid. However, any that were registered after the lender’s mortgage are cancelled. The holders of those charges lose their security. For example, if you have two mortgages on your home, and the first lender forecloses, the second lender will have to pay off the first lender or lose its security. Then the second lender would have to try to get you to pay its loss.
After foreclosure proceedings, any mortgages or charges registered ''before'' the lender’s mortgage continue and are still valid. However, any that were registered ''after'' the lender’s mortgage are cancelled. The holders of those charges lose their security. For example, if you have two mortgages on your home, and the first lender forecloses, the second lender will have to pay off the first lender or lose its security. Then the second lender would have to try to get you to pay its loss.




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