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Old 06-24-2019, 04:19 AM   #1
Gail777
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Default Can a bank foreclose on house that has a another lien on it?

Hi:

Can a bank foreclose on a house that has a another lien on it from a different bank? if no what happens?? if yes ..what happens? can bank sell house ( REO) with a lien on it?
Not sure how that really all works.
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Old 06-24-2019, 10:44 AM   #2
adjusterjack
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Default Re: Can a bank foreclose on house that has a another lien on it?

Quote:
Can a bank foreclose on a house that has a another lien on it from a different bank?
Yes.

Quote:
if yes ..what happens? can bank sell house ( REO) with a lien on it?
Yes. In most cases the other lien will have to be paid by the bank when the sale occurs.

There are exceptions.

Example: First mortgage forecloses and the house is sold at auction for the amount of the first mortgage. The second mortgage is out of luck.

That's why second mortgages and Home Equity Lines of Credit carry a much higher interest rate. The lender in second position has a much greater risk.

Care to explain what's happening to you?
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