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Updated over 6 years ago on . Most recent reply

Patrick Philip's profile image
Patrick Philip's profile image
Patrick Philip
  • from Florida
  • Member since Aug 18, 2016
Connect

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912
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Patrick Philip's profile image
Patrick Philip's profile image
Patrick Philip
  • from Florida
  • Member since Aug 18, 2016
Connect
Patrick Philip
  • Florida
107
Votes |
912
Posts
Buying & Selling Real Estate

How does "second mortgage position" work?

Patrick Philip
  • Florida
Posted

If I'm financing a purchase with 2 different loans. The majority lender will have first mortgage position. The second lender will have second mortgage position.

In case of default, there is only one property to give to the lenders. I can't exactly split up the property into parts, can I?

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