A second mortgage company can foreclose on your house. Although it does not happen that frequently, if a second mortgage company believes there is excess equity in your property then they may be likely to foreclose. If a second mortgage forecloses on your property they have to first pay off the first mortgage and they recover any other amount owed to them after the first mortgage is paid off. Filing for bankruptcy may stop the foreclosure process and may even wipe out your second mortgage if the right conditions are met (stripping the second lien). To learn more, contact an experienced bankruptcy lawyer in your area.
Duncan Law, PLLC
4801 E. Independence Blvd.
Charlotte, NC 28212
This video is meant for informational purposes only. Laws vary by jurisdiction so if you have a specific legal question be sure to contact an attorney in your area. This information does not create an attorney-client privilege and, although we don’t view it as an advertisement, it may be considered an advertisement for legal services. Use common sense, if you have a legal issue contact an attorney who can help you with your specific situation.
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1. What is the process involved with refinancing?
2. How exactly does a second mortgage work?