Can I renagotiate with bank holding a second mortgage so that the bank will agree to be second in importance?

I read somewhere that banks that hold your second morgage can agree to be of secondary importance so that my primary resonsibility is my first mortgage even to the exclusion of the bank that holds my second mortgage?Can I renagotiate with bank holding a second mortgage so that the bank will agree to be second in importance?
In WA, the first mortgagee has priority as a creditor, and would be holding the Certificate of Title deed as security.





Any subsequent mortgages must have the approval and authority from the first mortgagee to register a mortgage on the title deed.





For the 2nd mortgage to be registered, the first mortgagee must produce the Title Deed to Landgate (the govt title office) so that the second mortgagee can lodge the mortgage document for registeration on the title deed. The title deed will be returned to the first mortgagee for security. Never held by the 2nd mortgagee.





Your second mortgagee will have obtained a search-copy of the title deed and will be fully aware there is already a mortgage registered on the property, and second mortgagee cannot insist or demand they be first.





There is a variation on the theme. Anybody who has documented evidence that they have an interest in the property, can register a Caveat on the title, without the authority from first mortgagee or the owner, and without the necessity of having the title deed produced for lodgement/registration of the Caveat. The Caveat document will state that the Caveator has a financial interest by way of mortgage. But a Mortgage document is NOT actually registered on the title.





If you already have two mortgages registered on your title deed, the first mortgagee will NOT give up their right as first, unless you have fully paid out the loan and it is discharged. Then the 2nd mortgagee will become the first.Can I renagotiate with bank holding a second mortgage so that the bank will agree to be second in importance?
Not sure what you mean- with a first and second mortgage the only difference is which ever one was recorded first is the first mortgage. You still are responsible for both equally. Some things to know- the 2nd mortgage cannot foreclose unless they pay off the first mortgage. The first mortgage can foreclose without paying off the 2nd. If that happens they usually advise the 2nd mortgage holder and give the 2nd an opportunity to pay them off %26amp; foreclose if they want. If the 2nd doesn't %26amp; the first forecloses- you are still responsible for the 2nd.
That's the way it's set up in most cases. The first mortgage you take out has 'first lien priority' in the event of foreclosure, and the second mortgage has 'second lien priority'. That being said, there is no way for YOU to have a bank decide that it's less important to be paid than another bank. It's not going to happen, if that is what you are asking.





If you default on payment on EITHER mortgage, you are going to face a foreclosure action.
A second mortgage is in second place by definition. (Normally the places are determined by the date they were recorded.) In any case, you cannot avoid the responsibility to pay the second mortgage. Their ranking only determines which lien holder will get paid first if your home is sold as part of a foreclosure action that yields less than the total you owe.