Can a secondary lender making foreclose on a home?


Posted by Tom on January 28, 2009 at 11:19:21:Can a secondary lender making a personal loan foreclose on a home?

My friend has a Wells Fargo Home Mortgage for around 200K in North Carolina. He borrowed 25K from a friend of the family. He was suppose to make payments to this individual but did not. The lender-individual who loaded the secondary loan did not attempt to collect monthly payments as in the agreement. However, after about 8 months, the lender-individual began threatening for payment without renegotiating the terms of the contract—or after letting the terms of the contract go. My primary question is this: Can the lender of the 25K secondary loan foreclose on the house when Wells Fargo is the primary mortgager—even if the contract with the lender-individual may have a clause saying so?

Any relevant information or websites would be helpful.

Thanks!


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