excess should be applied to the payment of the obligation to

the second mortgagee. But if there is no excess, the second

mortgage is extinguished.  If you’re the second mortgagee,
you can also foreclose, not the property (since you cannot do
that because the right of the first mortgagee is superior), b
t
the right of redemption instead. This is so that y
u
would be the only one who can exercise it when the proper time
comes.