What happens to 2nd mortgage in North Carolina if condo is foreclosed. 2nd is at different bank

Asked by Evy, North Carolina Sat Apr 2, 2011

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Michael Emery, , Minneapolis, MN
Sun Apr 3, 2011
Typically the 2nd mortgage is wiped out in the foreclosure by the interests of the 1st mortgage holder.

North Carolina DOES allow for deficiency judgments, so it's possible that you could be sued by either or both lenders for their losses.

Talk to an attorney before allowing a foreclosure. You might be better off doing a short sale, if that is possible.
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