Legal Question in Real Estate Law in Illinois
With second mortgages being cut up and sold off I would like to ask , If I were having problems paying my mortgage would it be a better idea to miss the second but still pay the first?
3 Answers from Attorneys
Whether a mortgage is "cut up and sold off" has no bearing on your obligation under the terms of the note.
When a 2nd mortgagee has to foreclose, they have to foreclose the 1st mortgage too. 'Nuf said?
The response given is not intended to create, nor does it create an ongoing duty to respond to questions. The response does not form an attorney-client relationship, nor is it intended to be anything other than the educated opinion of the author. It should not be relied upon as legal advice. The response given is based upon the limited facts provided by the person asking the question. To the extent additional or different facts exist, the response might possibly change. Attorney is currently licensed to practice law actively only in the State of Illinois, inactively in Florida. Responses are based solely on Illinois law unless stated otherwise.
No. Either way, the effect on your credit and risks of foreclosure and collection actions remain the same.
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