If your first mortgage is in the process of foreclosure that foreclosure will extinguish the second mortgage as to the real estate. The foreclosure of the first mortgage terminates all subsequent...
Your best bet would to pursue a refinance as it would pay off both mortgages by creating the balance of both into one note. Given the current low interest rates it has proven to be of great help in...
you have two options when you need to pull out money from your property.
1.) cash-out refi- where you pay off the current mortgage and take additional cash with it.
2.) leave the current mortgage...
Yes. The second is subordinate to the first mortgage and therefore is at greater risk. If equity exists, the 2nd mortgage holder may receive payment for the debt when a senior lender forecloses. If...