Legal Question in Banking Law in South Carolina
mortgage
first mortgage at bank is paid on time second mortgage at another bank is late and hard to make what can bank of second do legally
Asked on 12/01/08, 4:38 pm
1 Answer from Attorneys
Warren Markowitz
Warren R. Markowitz, Esq
Re: mortgage
A second position lien holder can foreclose on its loan in order to protect itself. But in order to do so, they would have to bid up to the value of the liens in front of it so that it can recover.
For example, if the lien in 2d place was for $50,000 and the lien in first was for $150,000. The 2d place lien holder would have to bid a minimum of $150,000 at the auction in order to protect itself from being foreclosed on.
Answered on 12/01/08, 10:02 pm
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