foreclosure

Remedies for Mortgage Defaults: Second Lenders' Rights and Responsibilities

When it comes to private lending, there are always risks involved for lenders. This is especially true for second lenders. A first mortgagee has an interest in a property ahead of any subsequent mortgagee’s interest in a property. So, when a borrower has defaulted on both of their mortgages, and the first lender has sought a mortgage remedy, what remains for the second lender?