Foreclosure in Sacramento>Question Details

Rock, Home Seller in Iowa

I secure a 2nd mortgage on my house for a commercial investment with no dollar amount. can the 2nd mortgager block the sale of my house w/no equity?

Asked by Rock, Iowa Tue Feb 7, 2012

The buyer is buying the house on what is owe to the first mortgager so, there will be no equity for the second. Plus there was no dollar amount on the second. I'm in Iowa

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SacRElender - Bob Willett’s answer
I would say yes. In order to sell the property that lein will have to be satisified. The lack of equity may convince the lein holder to release their interest, but it will be up to them.

That being said, check with your local RE attorney Things may be different in Iowa.
0 votes Thank Flag Link Tue Feb 7, 2012
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