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What is a second mortgage and is there a statute of limitations on a lien?
Wiki User
∙ 10y ago
You can have more than one mortgage on a property. The second mortgage will always be smaller, and will depend on the equity you have in the property. (Equity is the difference between what the house is worth and what you still owe on it, ie. the first mortgage.)
People typically get them to do home improvements or pay off credit card debt.
AnswerThe second mortgage also refers to the position on the lien.
Lenders who are in the first position have the primary lien against the property. They would be able to foreclose on the property should a borrower default because of their primary lien position. The second lien position relates to the amount of money loaned and that second position. A secondary lien holder would find much more difficulty foreclosing on the property. This is why second mortgage interest rates are typically much higher than first mortgage rates, to compensate for the higher risk.
Think of this in terms of other liens against property. For consumers who have money problems, get sued and have judgments issued against them; there can be a number of lien against their property. The position would depend on the time frame and amount of money owed.
All liens (which is what a mortgage is) encumber title and can prevent sale of the property.
There is no statute of limitations per se for a perfected judgment (one attached to property). A judgment lien can be from 5-20 years and in most cases is renewable.
There are time restrictions on when a judgment can be perfected and those are set by the state in which the judgment debtor resides.
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∙ 10y ago
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Is there a statute of limitation on mortgage liens?
Apparently there is a statute of limitations of a mortgage in Maryland of 9 years after the last payment was due.
How long lien stays on the property in ny?
Each type of lien has its own statute of limitations. It depends on the type of lien.Each type of lien has its own statute of limitations. It depends on the type of lien.Each type of lien has its own statute of limitations. It depends on the type of lien.Each type of lien has its own statute of limitations. It depends on the type of lien.
What is the statute of limitations on a mortgage payment in Georgia if it's a second mortgage and payment hasn't been made in 5 years?
In Georgia, the statute of limitations for a written contract, such as a mortgage, is generally six years. However, it's important to note that the statute of limitations for a specific debt can vary depending on certain factors and circumstances. Therefore, it would be advisable to consult with an attorney specializing in debt and contract law to determine the specific statute of limitations for your situation.
Is there a statute of limitations for a house lien in Texas?
No there is not statute of limitations. The lien serves as notification that a debt is owed and secures that debt.
Is there a statute of limitations on car lien in the state of SC?
A lien is not subject to a statute of limitations. The lien was placed on the automobile through due process or the signed agreement entered into by the parties.
What is the difference between a first lien and second lien mortgage underwriting process?
A second lien mortgage occurs when a lender is willing to impose a lien on an asset that already carries a lien with another creditor. An example of a second lien mortgage is a second mortgage being taking out for property. If a person does not make payments to either lender, the first mortgage is settled before the second mortgage can be settled,
Is it possible to put a lien on someone's house or property after thirty years?
I doubt it. The longest statute of limitations is usually ten years and most credit related items run out after a half dozen years or less, in some states as few as two years. If the lien is related to a mortgage, the date is based on the mortgage dates.
What is the statute of limitations on a Massachusetts Department of Revenue tax lien on real estate property?
There is no statute of limitations on tax liens. If you don't pay the tax they will seize your property and auction if off.
If payments have been made to the second mortgage but not to the first Mortgage can the first mortgage holder reclaim any of those payments from the second mortgage holder?
No, the first lien hold cannot claim or collect any monies from the 2nd lien holder. The lien holders sole recourse is with the borrower.
Is there a statute of limitations of a title loan in Alabama?
No, there is no statute of limitations on a title loan in the state of alabama. As long there is a recorded security interest on your car title i.e." Lien" you are obligated to repay your title loan
What is a second trust deed taken back by owner mean?
That means the owner-seller has agreed to take a second mortgage that will be a junior lien to the primary purchase money mortgage.That means the owner-seller has agreed to take a second mortgage that will be a junior lien to the primary purchase money mortgage.That means the owner-seller has agreed to take a second mortgage that will be a junior lien to the primary purchase money mortgage.That means the owner-seller has agreed to take a second mortgage that will be a junior lien to the primary purchase money mortgage.
If your first original mortgage is current can a second mortgage foreclose?
Yes. Any lien holder can initiate foreclosure proceedings when their lien is in default.
