Legal Question in Real Estate Law in Georgia
Does a mortgage company have to in first position in order to initiate a foreclosure or the second mortgage company can also initiate it..the current situation is that the first mortgage is current in pymt and the second is in default...what are the consequences...house location is in Georgia ,usa
2 Answers from Attorneys
The consequences could include a foreclosure by the second lienholder and/or a lawsuit against the borrowers to collect the balance due.
The consequences are potentialy disasterous for you.
The 2nd mortgage lender can foreclose and sell your home and, if they lose money, can then sue you for the loss also, and then do a garnishment on your wages and bank account.
Or they can skip the foreclosure altogether, sue you and go after your bank account, wages, etc.
Additionally, they can put a huge ding in your credit report.
If you are behind, it is in your interest to see a lawyer. There are various things you can do to avoid foreclosure and suit. Feel free to call my office (404-768-3509) for a consultation. Your options may include a Chapter 7 or 13 bankruptcy or loan modification.
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