How do foreclosures work for homes with a first and second mortgage?
I have two loans on my house, a primary mortgage and a secondary mortgage, each from a different bank. We did an 80/20 combo and financed the entire purchase price when we bought the home almost four years ago. Our home's value has gone below the amount we owe on our mortgages. We are defaulting on the first mortgage but not the second. How does the foreclosure process work in a situation like this? We are in Georgia.