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Yes.
"People with a second mortgage who are facing foreclosure should go to bankruptcy to get rid of the unsecured second-mortgage note," she said. "They should do it as soon as they're foreclosed upon, because that's when they're at rock-bottom, not when they've started to rebuild (their finances)."
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∙ 11y ago
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If you foreclose on your home and proceeds are not enough to pay the first and second mortgage what happens to the second mortgage lien?
You still owe the money to the mortgage provider.
If you sold your home and did not sell for enough to pay the first and second mortgage what happens to the second mortgage lien?
Was the 2nd lien included in and discharged in your bankruptcy? If not, then that lien still encumbers the title to the property and is probably a debt you still owe.
Do you still owe if chapter 7 discharged second mortgage?
If it was discharged, then you don't owe it anymore. However, you can't just assume that any particular debt was discharged by the bankruptcy, it has to be specifically listed. In particular, you probably cannot keep your house AND get your second mortgage discharged.
Do you still owe the house when you enter to reverse mortgage?
You still own the house if you have a reverse mortgage, yes.
What are the dangers of a second mortgage foreclosure?
The biggest problem with second mortgage foreclosures is that you can lose your home even if you are still current on your first mortgage. The second mortgage, if defaulted on supersedes you first mortgage.
If you foreclose on your home and proceeds are not enough to pay the first and second mortgage what happens to the second mortgage lien?
You still owe the money to the mortgage provider.
Are you debt free if you have a mortgage?
No. You are in debt as much as you still owe on the mortgage.
If you sold your home and did not sell for enough to pay the first and second mortgage what happens to the second mortgage lien?
Was the 2nd lien included in and discharged in your bankruptcy? If not, then that lien still encumbers the title to the property and is probably a debt you still owe.
Do you still owe if chapter 7 discharged second mortgage?
If it was discharged, then you don't owe it anymore. However, you can't just assume that any particular debt was discharged by the bankruptcy, it has to be specifically listed. In particular, you probably cannot keep your house AND get your second mortgage discharged.
Do you still owe the house when you enter to reverse mortgage?
You still own the house if you have a reverse mortgage, yes.
WHAT is a stand alone second mortgage and what happens to it when a home goes to foreclosure?
A stand alone second mortgage is another loan that is taken out against your home when the first loan is still in order. If your home goes to foreclosure, you will still owe this money as well.
What are the dangers of a second mortgage foreclosure?
The biggest problem with second mortgage foreclosures is that you can lose your home even if you are still current on your first mortgage. The second mortgage, if defaulted on supersedes you first mortgage.
What if sale of a house after a foreclosure doesn't cover the mortgage amount?
Then you still owe money to the bank.
What happens to the second mortgage if the first mortgage is sold?
Nothing happens to it. It still remains in second place.
Owe 65 thousand to first mortgage 40 thousand to second mortgage but second mortgage is foreclosing how will first mortgage get there money?
In foreclosure proceedings the 1st mortgage gets their money first. Either the 2nd mortgage will have to buy the 1st mortgage entirely and then sell your house or they will have to hope that whoever buys the mortgage at auction, will bid enough to pay them off.
Can you keep your home if you file chapter 7 bankruptcy and owe more on your second mortgage than the first?
yes
With a Ch.7 can you reaffirm your first mortgage but have your second mortgage dismissed?
NO. The second mortgage is still secured by the property. Therefore it has to be reaffirmed or paid according to the stipulations of the lender.
