Legal Question in Real Estate Law in Maryland

Re: Foreclosures

Any lender can foreclose if you're in default. If the holder of the first mortgage forecloses, that wipes out the lien of the 2d mortgage, so they might buy the property at foreclosure to protect their interest. If you have any equity in the property, you ought to try and sell it and pay off the mortgages to protect your credit. The condo fees will also have to be paid. If there is no equity, talk to the first lender about accepting a deed in lieu of foreclosure, although since there are 2 mortgages that probably won't work.