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How does a second lien mortgage work?

A second mortgage or junior-lien is a loan you take out using your house as collateral while you still have another loan secured by your house. Home equity loans and home equity lines of credit (HELOCs) are common examples of second mortgages.

What is the difference between first lien and second lien?

The difference between the first and second lien debt is the seniority of their claims against the pledged collateral per the intercreditor agreement. First lien debt has the higher priority claim on the companys pledged collateral, whereas the second lien is of lower standing.

What are the risks of a second lien lender?

Default rates of second liens are generally similar to that of the first lien on the same home, although HELOCs perform better than CES. About 20 to 30 percent of borrowers will continue to pay their second lien for more than a year while remaining seriously delinquent on their first mortgage.

Can a second mortgage holder force a foreclosure?

Unfortunately for some, the answer is yes. A second mortgage company actually can foreclose on your home, even if your first mortgage is current. Like any loan, the lender of a second mortgage has the right to take legal action if you are behind in your payments.