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2nd mortgage foreclosure

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bert4u

Guest
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?
 


HomeGuru

Senior Member
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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