Non Performing 2nds & Bankruptcy

[Erica Baruti]

Hi Guys! I have a question that may be logical, but since it's dealing with notes, I don't want to make assumptions. If a home has high equity, and let's say I purchased the 2nd, while someone else owns the 1st. If the homeowner doesn't pay & a foreclosure needs to be enacted, does it matter if the 1st or 2nd files for foreclosure first? I'm thinking if the house has high equity then it shouldn't matter b/c we'd both get our notes satisfied once it's sold. Am I on the right track or am I missing something?