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3 years ago
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if the bank forecloses on my home; Does the bank buys out my 2nd mortgage also;or am i still responsible for the second mortgage ?

house was foreclosed on ;But im still making payments on 2nd mortgage.
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3 years ago
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No, the second mortgage gets wiped out when the first forecloses. You should not need to pay them, they are just taking your money for nothing. Their security (the house) is gone, as a foreclosure basically destroys the note and mortgages that is bound to the collateral (the house).
Charl Van Wyk, GRI
Real Estate Professional
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