Rocky Dole,
Agent, Maricopa, AZ
As has been mentioned, the second can foreclose on the property. However, if they did then the first would get paid off before the second would get any money from the sale. If the first is higher than the value of the property then the second would probably not take this action because they would not get any proceeds from the sale.
Web Reference: http://www.RanchoElDoradoRealEstate.com
Lorrie Feld, ABR, GRI, SRES,
Agent, Scottsdale, AZ
Joe,
They would have to pay off the first if they foreclose on you. If the first is owed more than the value of the house, then it wouldn't pay for them to do that.
Lorrie
They would have to pay off the first if they foreclose on you. If the first is owed more than the value of the house, then it wouldn't pay for them to do that.
Lorrie
Web Reference: http://www.azrealtygroup.com
Suzanne MacDowell, SFR, FHA 203k Specialist,
Agent, Mount Arlington, NJ
I believe they can still foreclose. Have you spoken to a lawyer? It would be a good idea to do that. I am not a lawyer, however, I believe the first mortgage will have to be satisfied before anything else except tax liens out of the proceeds from any sale of the property, but if there is equity and they can force a sale and grab the equity they will. Talk to a lawyer and then talk to the bank to see if you can't work something out.
