What would happen ifI can’t pay my 2nd mortgage butI stay current on the1st?

UPDATED: May 5, 2011

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What would happen ifI can’t pay my 2nd mortgage butI stay current on the1st?

Asked on May 5, 2011 under Real Estate Law, Florida


SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

You may be foreclosed upon if you default on ANY mortgage--1st, 2nd, 3rd (if you somehow got one)--or a home equity loan or line of credit, if said mortgage or home equity credit had a security interest in the home. Since all mortgages and home equity lines do--that's what makes them mortgages or home equity lines, not unsecured loans--the answer is you *could* be foreclosed on if you default on your 2nd mortgage.

Whether the 2nd mortgagor will foreclose depends on whether it's worth their while. The 1st mortgage must be paid in full before a 2nd mortgage is paid, so if there is enough equity in the home to pay the first mortgage and have at least something for the 2nd mortgage, they'll likely foreclose. If the home is underwater on the 1st mortgage, they might not, since in that case, they'd spend money to foreclose but not recover anything. However, they would have the right to do so if they wanted.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

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