Yes lololololol
Yes. A foreclosure can be reported by the entity that foreclosed, by the servicing agent for the entity that owned the mortgage when it was foreclosed or by a mortgage company if it held the mortgage when it was foreclosed.
Some Canadian mortgages do charge a premium for mortgage default insurance. If a mortgage company includes this type of premium in the mortgage, they are obligated by law to disclose the amount to the borrower.
In some cases, you are obligated to by the lender to buy mortgage insurance. However, if given a choice you are better off buying an insurance that covers a variety of needs and is not just limited to one specific area such as mortgage.
Assuming that the FIRST mortgage was foreclosed, a foreclosure wipes out any mortgages that were recorded after the foreclosed mortgage.
The liens that predate the foreclosed mortgage must be paid such as a prior mortgage. The http://taxes.answers.com and any municipal services liens must be paid. Any mortgages, attachments, etc that were recorded AFTER the foreclosed mortgage get wiped out as liens against the property.
PMI is not a product that you purchase from an insurance agent like myself. It is an insurance policy that covers the bank if your mortgage is foreclosed on. Generally PMI is required by the bank if you are financing 80% or more of the value of the home. The insurance covers the bank but you are required to pay the premiums. After your mortgage balance falls below 80% of appraised value you can and should drop the coverage. The bank will not notify you of this so you have to tell them.
yes
No. Once the first mortgage or deed of trust is foreclosed, the second mortgage and any inferior liens are voided.
PMI only covers the Mortgage company or Lender. When PMI pays on a defaulted mortgage note, the buyer then owes the balance of the mortgage to the PMI company. It does not relieve the buyer of the obligation to pay.
Yes. If you inherit a piece of property, including a house with a mortgage, you are legally obligated to pay its bills.
If the first mortgage is foreclosed the second mortgage lien gets wiped off the property by the foreclosure so the property can be sold free and clear of the second mortgage. However, the mortgagor still owes the debt to the lender and the lender can pursue collection of the amount due by a civil lawsuit.
the main risk is that the first mortgage will not be paid. if the first mortgage is not paid, goes into default, and is foreclosed, the second mortgage will be determined in the foreclosure sale.