Second Mortgages

[cnb]

Am a little unversed on this subject.But are 2nd mortgages allowed or not allowed in the state of Tx??

 

[pied2]

yes they are

 

[cnb]

thanks....could anyone give details such as how it effect the original etc......

 

[tropheus]

usually the same rights as the first as far as foreclosure, etc. just subordinated to the first. That is to say, upon foreclosure by the second, the first isn't discharged.

I think Texas law requires that after taking out the second, you still have 20% equity based on FMV.

 

[cnb]

very good...thanks trop

 

[Bookman]

You're not going to lose the house--everyone has three mortgages these days.

But at 15% you didn't even argue with the guy.