Richi questioned: I am trying to help my client refi his first mortgage, but in order to do that I have to subordinate his second mortgage. The lender that I’m trying to sub is Chase. Any help would be greatly appreciated.

A 2nd mortgage refers to a secured loan taken on a property, which has already been used as a security in a loan once before. It refers to the second loan in sequence, as it is subordinate to the first loan on the same property. The 2nd mortgage lender can exercise his rights only after those of the first have been entirely met. One can take the 2nd mortgage for…

Scenario:I have a foreclosure soon to take place on my first mortgage. What happens to the second mortgage if it is paid up to date? I was so stupid that paid a company XYZ $1000 to negotiate a plot for paying the first loan. they promised me that the first mortgage lender would surely accept their plot. But they dropped the ball and the first lender won`t take anything. Now,…