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    sslavey's Avatar
    sslavey Posts: 1, Reputation: 1
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    #1

    Mar 31, 2008, 03:25 PM
    2nd mortgage foreclosed
    2nd mortgage holder foreclosed on home, 1st mortgage was current - lender selling home what happens if home is sold for more than what was owed?
    George_1950's Avatar
    George_1950 Posts: 3,099, Reputation: 236
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    #2

    Mar 31, 2008, 06:50 PM
    Lender will owe you, after paying 1st and expenses. When is the sale scheduled? You should attend, if possible. The 1st has to be paid off in order to give the 2nd or high bidder a clear title. 1st is not likely to discount the payoff unless it needs cash.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #3

    Mar 31, 2008, 06:51 PM
    If home sells for more than 1st and 2nd mortgage, I would say God worked a sign of wonder in your life, since I have in all my years of buying and selling properties, never saw one sell for enough to even pay the first mortgage off.

    I guess if you don't owe much on either mortate, but at a foreclosure sale, normally they never bring more than 1/2 of their actual value at best. Normally the 1st mortgage holder ends up with it for the money that is owed them.
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