A second mortgage holder has no rights of redemption if the property goes into foreclosure.

Name: A second mortgage holder has no rights of redemption if the property goes into foreclosure.
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Question

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A second mortgage holder does have the right of redemption if the property goes into foreclosure. They can pay off the first mortgage in full and reclaim the property. However, if they do not exercise this right or are unable to pay off the first mortgage, they will lose their interest in the property.

A Second Mortgage Holder Has No Rights of Redemption If