What happens to my second mortgage obligation if my first mortgage lender forecloses?

What happens to my second mortgage obligation if my first mortgage lender forecloses?

If a house was foreclosed and it had a 80/20 loan on it ie both loans from same company and closed on same day. Can a third party attempt to claim the amount owed on the 2nd loan? The 2nd loan was used in purchasing the house.

Asked on February 28, 2012 under Real Estate Law, Georgia

Answers:

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