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Old 03-18-2009, 11:43 AM
 
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Why in the world should ANYONE have a 2nd mortgage on a house?

I would hope anyone who has a 2nd mortgage on a house be barred from any govt help.

(the same should apply to anyone who re-financed their original mortgage for a higher amount than the original mortgage when they bought it.)
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Old 03-18-2009, 11:45 AM
 
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But to answer the OP's question-----NO , the 2nd mortgage holder can not foreclose on a house without paying off the 1st mortgage holder.

The scenario of that happening when the house is worth less than the mortgages is "slim to none "
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Old 03-18-2009, 12:04 PM
 
Location: MN
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Quote:
Originally Posted by marmac View Post
Why in the world should ANYONE have a 2nd mortgage on a house?

I would hope anyone who has a 2nd mortgage on a house be barred from any govt help.
That was another great idea from the mortgage companies to evade PMI. I have an 80/20 on my property right now. I have only refinanced to get out of an ARM and didn't take any extra money, just for the rate lock in on both mortgages.
With a situation like that, I don't think your statement above should be true, but if you do refinance and pay off your truck, credit cards, and an kilo of meth, then I agree with you.

Remember, there are still responsible people on this planet that pay up to the contracts they sign.
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