Legal Question in Real Estate Law in Georgia
mortgage payments
if you have a first and second mortgage on the same property and can only afford payments on the first mortgage will your home be foreclosed on?
2 Answers from Attorneys
Re: mortgage payments
You are asking for a guess as to what your lender will do. Certainly a secured creditor generally has the right to foreclose if payments are not made as agreed. That should be understood prior to signing the loan documents.
Re: mortgage payments
It will depend on the lender. Generally, since the 1st mortgage is paid first the 2nd mortgagor has greater risk, that's why the higher interest rate. I have known cases where the lender waited a year to foreclose and others where they foreclosed the first chance you got. You should attempt to work things out with the lender.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
