It's a loan in which the house functions as the collateral. If you don't pay your mortgage (fixed amount agreed upon) then you lose your house (the collateral).
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...
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...
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...