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    reese1's Avatar
    reese1 Posts: 9, Reputation: 1
    New Member
    		  
    #1

    Jul 4, 2007, 08:57 PM
    Power of sale
    Does anyone know what happens to the 1st mortgage, if the 2nd mortgage is forcing a power of sale, currently in good standing with 1st mortgage.
    DianeV Sr Loan Officer's Avatar
    DianeV Sr Loan Officer Posts: 76, Reputation: 9
    Junior Member
    		  
    #2

    Jul 15, 2007, 03:44 PM
    If the 2nd mortgagee forecloses, the auction has to produce enough money to pay off the first and the 2nd mortgages. The 2nd lien holder only gets paid once the first mortgage is satisfied. If enough money is not generated at the auction, you will be responsible for the balance remaining. Consult an attorney for further information.
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