If you have equity in your home (the home’s value is greater than the amount you owe on your first mortgage), your second mortgage is at least partially secured. So, the proceeds from a foreclosure sale will pay off the second mortgage in part or in full.

What are the two types of foreclosure?

There are two types of foreclosure: judicial foreclosures, which require a court order, and non-judicial foreclosures, which do not. In judicial foreclosures, the mortgagee must go to court and prove that it owns the mortgage and has the right to foreclose on it.

Just like any type of loan, if you are behind on your payments, the lender has the legal right to take whatever property was offered as collateral on the loan. In the case of a second mortgage, that means they have the right to foreclose on the house and sell it to recoup their losses.

What does it mean when a house is in foreclosure?

Foreclosure is a situation in which a homeowner is unable to make mortgage payments as required, which allows the lender to seize the property, evict the homeowner and sell the home, as stipulated in the mortgage contract.

Are there any bank of Commerce foreclosures for sale?

(2nd update) 1,357 Pag-IBIG foreclosed properties for negotiated sale in August 2020 listings 369 BFS Foreclosed Properties remain in July 2020 Nationwide Listing 11,322 Bank of Commerce Foreclosed Properties in Q3-2020 Pricelists

How many BDO foreclosed properties are there in the US?

A total of 869 BDO foreclosed properties are available as of June 4, 2021. This list comes from Ms. Mila Dioneda of the BDO Property Management – Retail Sales.

Which is the state with the highest foreclosure rate?

States with the highest foreclosure rates in February 2021: 1 Utah (one in every 3,883 housing units with a foreclosure filing) 2 Delaware (one in every 5,219 housing units) 3 Florida (one in every 6,232 housing units) 4 Illinois (one in every 6,336 housing units) 5 Louisiana (one in every 7,923 housing units)