Foreclosure: Second Mortgages and HELOCs
There's a lot of confusion when it comes to foreclosure and second mortgage, home equity loans, home equity lines of credit (HELOCs), judgment liens, and other junior mortgages. Some common questions: Can second mortgage lenders foreclose on your home if you stop paying? What happens to second mortgages and HELOCs if your first mortgage lender forecloses? Can the second mortgage lender sue you in court to repay the loan?
Below you can find the answers to these, and other questions regarding foreclosure and second mortgages.
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What happens to judgment liens during foreclosure?
If there is a judgment lien on your home or other property, and that property is foreclosed, the judgment lien is wiped out.
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What Happens If I Don't Pay My Second Mortgage?
If you fall behind on second mortgage payments, the lender may or may not foreclose, depending on the value of your home.
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What Happens to Liens and Second Mortgages in Foreclosure?
Learn how liens and second mortgages get paid off in foreclosure, and your liability for the underlying debt afterwards.
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What Is a Charge Off of a Second Mortgage After Foreclosure?
If your lender charges off your second mortgage, you still owe the debt and it can still come after you to collect on it.
More Legal Topics
- After the Foreclosure: Deficiency Judgments and Taxes
- Fast-Track Foreclosures of Abandoned Homes
- Foreclosure Rescue Scams
- Foreclosure Terminology
- Foreclosure & the Military
- Foreclosure Timelines
- New Foreclosure Laws
- Protecting Your Home and Property During Foreclosure
- Reverse Mortgages: Foreclosures & Scams
- Understanding Mortgages & Deeds of Trust
- Your First Foreclosure Decision: Should You Stay or Should You Go?
- After the Foreclosure: Deficiency Judgments and Taxes
- Fast-Track Foreclosures of Abandoned Homes
- Foreclosure Rescue Scams
- Foreclosure Terminology
- Foreclosure & the Military
- Foreclosure Timelines
- New Foreclosure Laws
- Protecting Your Home and Property During Foreclosure
- Reverse Mortgages: Foreclosures & Scams
- Understanding Mortgages & Deeds of Trust
- Your First Foreclosure Decision: Should You Stay or Should You Go?
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