Yes, a second mortgage holder can foreclose, even if you are current on your first mortgage. Just like any type of loan, if you are behind on your payments, the lender has the legal right to take whatever property was offered as collateral on the loan.
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A first mortgage is the primary lien on the property that secures the mortgage. A first mortgage is the primary loan that pays for the property and it has priority over all other liens or claims.
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A second mortgage – also referred to as a home equity loan or home equity line of credit – is just what it sounds like: another (second) mortgage on your home. Like with your original mortgage, your second mortgage is secured by your home, meaning that if you don’t pay the loan, the bank can take your home.
Read on to find out what happens if you stop making payments on a second mortgage and when that lender might decide to initiate a foreclosure. Second Mortgages and Lien Priority. A second mortgage is a loan you take out using your house as security that is junior to another mortgage (a first mortgage).
Secured Mortgage Loan. You are precluded from deducting any interest on a loan you obtain to purchase or improve a second home unless the lender has a security interest in that home – meaning.
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Mortgage insurance should not be confused with mortgage life insurance, which is designed to pay off a mortgage in the event of a borrower’s death. mortgage insurance makes it possible for you to buy a home with less than a 20% down payment by protecting the lender against the additional risk associated with low down payment lending.