Asked by Schwab Jones, Fort Lee, NJ • Mon Sep 1, 2008
The first mortgagee has not sent notice, just called. The second mortgagee has sent the notice mentioned above. I was told by the first bank, that in this market the second mortgagees are often sending notices first.
I was also told by the first bank, to whom I owe most of the money to, that IF the second forecloses, the first has to then foreclose. Does anyone have first hand experience with this, and a time frame idea?? Thanks.
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