Our primary mortgage was foreclosed on and the property was auctioned, what happens to the second mortgage?

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Our primary mortgage was foreclosed on and the property was auctioned, what happens to the second mortgage?

Asked on September 14, 2012 under Real Estate Law, Wisconsin

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

Any amount resulting from the sale in excess of the remaining balance of the first mortgage (and costs of sale) will be applied to the second mortgage. If the second mortgage is not fully paid off, the mortgagee (the lender) could sue you for the remaining balance.


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