What happens to the 2nd mortgage when the

[wanttoknow]

1st is in foreclosure and the property is sold?

[Smiley]

its more likely a different company has it.

[trade_info]

they get the table scraps so to speak. any money left over from the sale of the property and the payoff of the first mortgage would go to whomever is in line @ #2.

[Real Deal Realtor]

You must understand that foreclosure sales are (despite what some may have you believe) a very complicated arena. The person who informed you that the second "gets the scraps" is accurate in SOME circumstances, but not all. As a Realtor, and as an investor who has personal experience with foreclosure properties, the best advice you can recieve when buying a foreclosure proprety is to GET A TITLE OPINION and seek counsel from a reputable REAL ESTATE attorney. Do not go to the attorney who filed your divorce, or granted your POA papers. Many attorneys think they are knolwedgable about all the ins and outs of real estate and they are not! I learned this lesson the hard way and it could have cost me over 30,000 on one deal. Fortunately the attorney I was using eventually sought the assistance of a real estate attorney who was more familiar with the issue at hand. As much as may hate it, the money you pay to the attorney is worth it.

[ELVISER]

The second mortgage company is entitled to money after the sale of the home because they do have an interest in the property. If the foreclosure sale does not cover ALL of the charges (which it should) then you still owe them money!

[blanfordreals]

Are you in foreclosure? if so contact me I may be able to help you.