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Old 06-20-2001, 10:54 AM
bert4u
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we have a 12,000.00 second mortgage in ohio, late payments. our first mortgage payments (house) are made on time every month. a notice came from second mortgage company they are going to lawyers to forclose in 2 days. our home has been valued at 145,000. can this 12,000.oo loan forclose our house?
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Old 06-20-2001, 12:42 PM
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Location: Catatonic State
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Yes they can and it does not matter what position they are in or the loan amount. Ex: a third mortgage lender can foreclose even if the loan amount is $1.
You are not in a very good position because once the second mortgage lender files foreclosure, the first mortgagelender that you are current with is obligated to support the foreclosure action to protect their interest.
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