holding a 2nd on my property

[Dave Charron]

I own a unique commercial property that has been on the market for a while. I am not in a hurry to sell but would like to see if I have any other options seeing that I have not had alot of interest so far.

My agent has confirmed I am not out of line with my asking price. Im asking $299K, I do have a mortgage for about $140K.

Hypothetically, say I accept a full price offer to pay off my mortgage and I hold the rest. The buyer takes out a first mortgage for the $140K and I would hold a 2nd for my share.

What happens if the buyer defaults on my 2nd? What rights do I have as 2nd lien holder? What possible senarios could play out?