SECOND AND THIRD MORTGAGES
A second mortgage is a type of subordinate mortgage made while an original mortgage is still in effect. In the event of default, the original mortgage would receive all proceeds from the liquidation of the property until it is all paid off.
Third mortgages will be paid only after the first and second mortgages are paid. Monthly payments are required to be paid on all three mortgages at the same time.
Have any questions about second or third mortgages? Contact a Mortgage Genie specialist today!
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