New foreclosure law regarding more than one mortgages?

One Response to “New foreclosure law regarding more than one mortgages?”

1. cactusgene says:

   October 24, 2010 at 4:37 pm

   I don’t believe there is such a law that allows you just to deal with the first mortgage holder and kiss the juniors goodbye. The first lender would also tell you that this is not possible, unless you have the concurrence of the juniors and why would they give such assent, if there is nothing in there for them?

   If the first FORECLOSES, then the juniors have the right to either reinstate the loan and begin their own foreclosure. Obviously they will only do that if they believe there is adequate equity, so that they can get some or all their money back. If the juniors do not reinstate, then the house is sold at the foreclosure auction of the first and the juniors are out for good.

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