Quote:
Originally Posted by stevej64
Elke is right a lender 2nd mortage is likey holding a smaller mortage they will demand full payment.This will cause the 1st mortage holder to pay up or take a bigger toss than the 2nd mortage holder
|
The flip side of this coin is that if the house is actually foreclosed upon and goes to auction, the second mortgage holder could get nothing. They are therefor often willing to be bought out cheap.