They'll probably, eventually, foreclosure.
(second response)
The first lien holder will pay the second lien holder to prevent them from foreclosing on the property. A second lien would never get away with this, but if they did, boy would they be in the money.
Imagine if you took a home equity loan out on a $200,000 home for $25,000 dollars. You stop paying on the second lien, and they foreclose. Their $25,000 investment just returned $200,000. Be a hell of a day for a bank.
Flip side is, if a home with 2 liens does go into foreclose, the second (junior) lien gets nothing.
Any mortgage can be discharged by paying it off.Any mortgage can be discharged by paying it off.Any mortgage can be discharged by paying it off.Any mortgage can be discharged by paying it off.
You can stop your escrow buy paying off your mortgage and satisfying all the requirements of your mortgage. Lenders set up an escrow account so that they can pay the real estate taxes and homeowners insurance.
NO. When the mortgagor executed the mortgage they granted the lender the power to take possession of the property in the case of a default. You cannot "circumvent" that provision. You may be able to stop the foreclosure by paying what you owe.NO. When the mortgagor executed the mortgage they granted the lender the power to take possession of the property in the case of a default. You cannot "circumvent" that provision. You may be able to stop the foreclosure by paying what you owe.NO. When the mortgagor executed the mortgage they granted the lender the power to take possession of the property in the case of a default. You cannot "circumvent" that provision. You may be able to stop the foreclosure by paying what you owe.NO. When the mortgagor executed the mortgage they granted the lender the power to take possession of the property in the case of a default. You cannot "circumvent" that provision. You may be able to stop the foreclosure by paying what you owe.
The second will foreclose on your Property.To avoid the situation you must consult a mortgage firm who would assist you in your debt settlements. Why would you stop making your payment? The value of your home should go back up when the economy recovers. The value of your home has nothing to do with your monthly cash flow. Why would you ruin your credit for 10 years, when the value of your home will recover in 2-3 years. It just doesn't make sense. Pay your bills as agreed
A homeowner take out a second mortgage if they are struggling to pay off their first mortgage. You can read more at www.bostonapartments.com/mortgage/second-mortgage/second-mortgage.html -
Any mortgage can be discharged by paying it off.Any mortgage can be discharged by paying it off.Any mortgage can be discharged by paying it off.Any mortgage can be discharged by paying it off.
HELP MFORM PAYING YOUR MORTGAGE
A second mortgage already has a lien on the home. If you don't pay the second mortgage they will foreclose and take the home. By paying off the first mortgage you just make it easier for the bank to get their money back out of the property when they sell it.
You can stop your escrow buy paying off your mortgage and satisfying all the requirements of your mortgage. Lenders set up an escrow account so that they can pay the real estate taxes and homeowners insurance.
no,because that persons name is not on the deed .. unless the second person gives money to the person paying the mortgage
NO. When the mortgagor executed the mortgage they granted the lender the power to take possession of the property in the case of a default. You cannot "circumvent" that provision. You may be able to stop the foreclosure by paying what you owe.NO. When the mortgagor executed the mortgage they granted the lender the power to take possession of the property in the case of a default. You cannot "circumvent" that provision. You may be able to stop the foreclosure by paying what you owe.NO. When the mortgagor executed the mortgage they granted the lender the power to take possession of the property in the case of a default. You cannot "circumvent" that provision. You may be able to stop the foreclosure by paying what you owe.NO. When the mortgagor executed the mortgage they granted the lender the power to take possession of the property in the case of a default. You cannot "circumvent" that provision. You may be able to stop the foreclosure by paying what you owe.
First, the person who is the grantee on the deed owns the property. Period. Second, the person who signed the mortgage is obligated to pay the bank. If you signed a mortgage but didn't own the property the bank can come after you to pay if the property owner defaults on the mortgage. It will ruin your credit. Your answer: If you do not own the property and yet you signed the mortgage then you own nothing and you will be held responsible for paying the mortgage.
"Subsidiary" means "subordinate to" or "owned by", such as "Kraft Foods is a subsidiary of Nestle Foods" (not that that's the case, just an example of the phrasing.) A person's second mortgage is "subordinate to" the first mortgage, meaning paying off the first must take precedence over paying off the second.
You will lose your house. The time period is variable and the exact conditions are somewhat negotiable, but the end result is foreclosure.
The second will foreclose on your Property.To avoid the situation you must consult a mortgage firm who would assist you in your debt settlements. Why would you stop making your payment? The value of your home should go back up when the economy recovers. The value of your home has nothing to do with your monthly cash flow. Why would you ruin your credit for 10 years, when the value of your home will recover in 2-3 years. It just doesn't make sense. Pay your bills as agreed
A homeowner take out a second mortgage if they are struggling to pay off their first mortgage. You can read more at www.bostonapartments.com/mortgage/second-mortgage/second-mortgage.html -
The answer is Yes, the construction loan is considered a regular mortgage. So if you stop paying the mortgage, it will forclose and show on your credit report.