Secondary lien holder foreclosure
Can a secondary lien holder start a foreclosure process? If I were to loan some money to use toward a down payment while a bank finances the rest, so I am a second or junior lien holder, would I be able to foreclose if I don't get paid? I'm pretty sure I've heard of this being done in some podcasts where somebody buys the second note, but I want to know for sure as I am considering lending some money to help someone with a down payment, but after speaking with the bank they would take it but I would be considered a second lien. So just in case I don't get paid I want to know what is my recourse. Thanks knowledegable BP members!
