Legal Question in Real Estate Law in Maryland

Foreclosure law

A property has a 1st and 2nd mortgage. The 1st mortgage is larger and in good standing, the 2nd mortgage went into forclosure and was auctioned. What are the legal options of the homeowner? Can the holder of the 2nd mortgage sell the home? If the homeowner is able to pay off the 1st mortgage, what will that buy the homeowner?


Asked on 9/06/07, 7:15 am

1 Answer from Attorneys
Daniel Press Chung & Press, P.C.

Re: Foreclosure law

The property can be, and sounds like it was, sold by the holder of the second. At settlement, the first has to be paid off from the proceeds.

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Answered on 9/06/07, 1:57 pm


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