This is not a question any realtor should be answering...call an attorney with significant real estate expertise for your viable alternatives. Good luck...move quickly...the foreclosure bus stops for no one !

The first question is there any equity in the property after the first and the second mortgage. Then the next question in the first is covered by equity but the second is not covered at all or only partially covered. If you feel you can save some of your loan, you need to consider foreclosing the second or buying the property at the foreclosure sale. You should see a foreclosure/real estate attorney to look at your options.

Since the foreclosure has already started on the first, you are behind in the foreclosure process so need to evaluate your possible options. Reinstate the first, buy property at foreclosure sale, have the owner do a short sale, or do a foreclosure and see if you can work with first to take their foreclosure process over. But you really need to talk to an attorney.


Keith Manson
First Weber Group
Certifed Distress Property Expert
Greenfield, Wisconsin

I would contact a local real estate attorney to start.