Legal Question in Civil Litigation in Oregon

Defaulting on a second home lien

We have a home worth 180K, a mortgage balance of 83K, and a second lien of 20K. What happens in Oregon if we have no viable choice but to default on the second? Can they take our house if they don't hold the primary lien?

Thanks.


Asked on 7/29/08, 11:16 pm

1 Answer from Attorneys
Susan Burns Law Office of Susan Ford Burns

Re: Defaulting on a second home lien

The lender holding the second can foreclose and take the house. With the amount of equity you have, you should consider selling the house rather than letting it go into foreclosure. The faster you sell it, the more equity you will be able to save.

You may also want to see if you can get the holder of the second to agree to modify the terms so that you can make the payments, perhaps by making the term longer.

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Answered on 7/30/08, 4:39 pm


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