what's good about a second ?

a second mortgage holder gets....... in a foreclosure?

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Re: what's good about a second ?

"A Veteran for Peace" <> wrote in message
news:
>a second mortgage holder gets....... in a foreclosure?

If I understand it correctly, a foreclosed property will go for sale in an
auction, usually by a sheriff. The sheriff will then take his fee first.
Then the 1st mortgage is paid. If the sale price is less than what the 1st
mortgage is for, than the 2nd gets nothing. If the sale price is for more
than the 1st mortgage, than the 2nd gets paid, then the 3rd, 4th, 5th, etc.
If the sale price actually covers all liens, then the person who got
foreclosed on gets whatever's left.

Re: what's good about a second ?

"Kitep" <> wrote in message
news:%gPjf.133554$

> If I understand it correctly, a foreclosed property will go for sale in an
> auction, usually by a sheriff. The sheriff will then take his fee first.
> Then the 1st mortgage is paid. If the sale price is less than what the
> 1st mortgage is for, than the 2nd gets nothing. If the sale price is for
> more than the 1st mortgage, than the 2nd gets paid, then the 3rd, 4th,
> 5th, etc. If the sale price actually covers all liens, then the person who
> got foreclosed on gets whatever's left.

It is hard to believe anyone ever takes out a 4th or 5th mortgage.

Re: what's good about a second ?

On Fri, 02 Dec 2005 16:58:40 GMT, "Don" <> wrote:

>"Kitep" <> wrote in message
>news:%gPjf.133554$
>
>> If I understand it correctly, a foreclosed property will go for sale in an
>> auction, usually by a sheriff. The sheriff will then take his fee first.
>> Then the 1st mortgage is paid. If the sale price is less than what the
>> 1st mortgage is for, than the 2nd gets nothing. If the sale price is for
>> more than the 1st mortgage, than the 2nd gets paid, then the 3rd, 4th,
>> 5th, etc. If the sale price actually covers all liens, then the person who
>> got foreclosed on gets whatever's left.
>
>It is hard to believe anyone ever takes out a 4th or 5th mortgage.
>
It is hard to believe anyone ever LENDS a 4th or 5th mortgage.

Re: what's good about a second ?

<
> On Fri, 02 Dec 2005 16:58:40 GMT, "Don" <> wrote:

> It is hard to believe anyone ever LENDS a 4th or 5th mortgage.

Right. If it ever happens, I'll bet the interest rate is 20% (a week).