What happens to the second mortgage when the first mortgage forecloses?

I am going through a foreclosure on my first mortgage, what are my options with dealing with the second mortgage? Any legitimate websites with guides for dealing with the aftermath of foreclosure would also be appreciated.By: Luna SanguineAbout the Author:

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December 2nd, 2008 | Tags: , , | Category: Renting Real Estate | Leave a comment

What happens to a second mortgage when a home is purchased at a foreclosure auction?

buad0118 asked: I am going to bid on a house at foreclosure and it has a 1st mortgage of $280K and a second of $70K. The lender on the first two mortgages is Decision One Mortgage. The lender at foreclosure is Countrywide. Does this mean that if I buy this house at [...]

August 23rd, 2008 | Tags: , , | Category: Renting Real Estate | 5 comments