help with foreclosure?

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help with foreclosure?

If your first mortgage holds the title to your home – can a second mortgage foreclose and auction the home and if you have some cash – who should you pay first?

Asked on July 3, 2009 under Real Estate Law, Massachusetts

Answers:

J.M.A., Member in Good Standing of the Connecticut Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

I am a lawyer in CT and practice in this area of the law.  A second mortgage can be foreclosed not withstanding a first mortgage ahead of it.  However, the first mortgage will get paid out before the 2nd.  I suggest that you try to work out some sort of deal with the 2nd mortgage where they agree to take less money.  If you are going to pay anyone, i would take care of the first mortgage so there is more money for the second as the second is usually a small amount of moeny and usually will be more flexable in negotiating a deal than the first.

J.M.A., Member in Good Standing of the Connecticut Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

I am a lawyer in CT and practice in this area of the law.  A second mortgage can be foreclosed not withstanding a first mortgage ahead of it.  However, the first mortgage will get paid out before the 2nd.  I suggest that you try to work out some sort of deal with the 2nd mortgage where they agree to take less money.  If you are going to pay anyone, i would take care of the first mortgage so there is more money for the second as the second is usually a small amount of moeny and usually will be more flexable in negotiating a deal than the first.


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