What is the name of your state (only U.S. law)? MI
We have a first and second mortgage on our home. If the first mortgage company forecloses on the home, what will happen to the second mortgage? What options will the second mortgage company have for collection of the debt once we no longer own the home? Also, if we were to buy another house for cash, would either mortgage company be able to impose a lien on the new house?
Thank you for any help that you can give.
We have a first and second mortgage on our home. If the first mortgage company forecloses on the home, what will happen to the second mortgage? What options will the second mortgage company have for collection of the debt once we no longer own the home? Also, if we were to buy another house for cash, would either mortgage company be able to impose a lien on the new house?
Thank you for any help that you can give.