Updated over 16 years ago on . Most recent reply
Can the second foreclose before the first?
How does a foreclosure work if you have a first and second mortgage?
I live in Maryland and have a first for 750k and a second for 221k. I’m no longer able to make the mortgage payment because the co-borrower has waked away. I have asked for help from the lenders in the way of a loan modification. I’m now 4 months behind and have not heard anything for the first mortgage lender and the second (Countrywide) lender has denied my request. Can the second foreclose before the first or will they wait until the first makes a decision?