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If i foreclose on my 2nd home how will it affect my primary home?
If you foreclose on your 2nd home, it will not affect your primary home. It will actually free up money so you can pay your first mortgage.
Can a second mortgage foreclose without letting the first mortgage know?
The only way would be for the 2nd mortgage holder to "buy out" or "pay off" the 1st mortgage holder. Even then, I believe most states require that the 1st mortgage holder receive notification.
Can a first mortgage foreclose with a second?
Yes. The second is subordinate to the first mortgage and therefore is at greater risk. If equity exists, the 2nd mortgage holder may receive payment for the debt when a senior lender forecloses. If there is not, then their lien on the property is wiped out and they must pursue the borrower in another fashion (such as a lawsuit). If the 2nd mortgage lender does not want the 1st lender to foreclose, they may choose to pay the 1st mortgage current before the foreclosure proceeds and attempt to collect or foreclose themselves.
What happens to the first mortgage when the second mortgage is foreclosed on?
It depends....the 2nd mortgage holder can buy out your first mortgage and then foreclose on the entire property , the chances are higher of this happening is the 2nd mortgage is kinda large or if they are held by the same lender. If the 2nd mortgage holder decides not to buy the first mortgage out then typically nothing with happen because the first mortgage holder is in control. The 2nd mortgage cannot foreclose on the first mortgage so keep the first mortgage payments current.If the 2nd does not buyout the first then the lien with remain on the property and you will be require to pay it off if you sell or refinance the property down the road.Mortgage loan officer PAIn Texas the law is: http://www.avvo.com/legal-answers/tx-foreclosure-second-trust-deed-4498.html
If both 1st and 2nd mortgages are delinquent. Can the holder of the second mortgage start foreclose proceedigs?
Yes. However, that lender would take possession of the property subject to the first mortgage. When they sell the property the first mortgagee gets paid first from any proceeds.
Your credit report show your second mortgage being included in your bankruptcy you never re-affirmed the second mortgage do you still have to pay it?
Never get a second mortgage --- only if you want to keep your house. 2nd mortgagees can foreclose on you
I have a second mortgage on my property in my deceased husband's name the first mortgage is in mine can a bank with a second mortgage put a lien on my property if it is not paid?
You really ought to see an attorney because there are several things that don't quite make sense and states vary on borrower and lender rights (you don't even identify where you are). PS if there is a 2nd mortgage then that is already a lien on the property and there would seem to be no need for that lender to put yet another lien on it; all it may need to do is foreclose and that could jeopardize your first mortgage too!
Can the second mortgage holder force the sell of your home?
Yes. If you do not pay the 2nd mortgage, you can lose your home in a foreclosure sale. The difference between the first and 2nd mortgage holder in that case varies according to the unit of government. The law in the United States is according to state law. At one time in this state, the first mortgage holder had certain rights concerning whether or not to foreclose. There was a time period when the first mortgage holder had the chance to try to sell the first mortgage or something like that. I have not kept up with all the changes in the law involving second mortgages. Still, when there is a foreclosure, the first mortgage holder gets paid off first. If there is anything left, the second mortgage holder gets paid. Some commercial property has as much as a fifth mortgage.
How do you record a 2nd mortgage?
You file it in the same registry as the first mortgage.
My husband cosigned for my 2nd mortgage and he is not on the first mortgage. if we have the same lender for both mortgages and we quit paying on the first mortgage how fast will his credit be impacted?
Since he is not listed as a borrower on the first mortgage his credit is not affected by paying or not paying that mortgage. Even if both loans are with the same company, he is only held responsible for the loan in which he signed.
Is green tree financial affiliated with Bank of America?
Good question. Last year Bank of America transferred the servicing of the 2nd mortgage I had on a home that foreclose to Green Tree. BOA did this after foreclosure and Green tree is after me for the remaining deficiency balance even though I have no home!
What happens if the second mortgage lender hasn't contacted you on a reaffirmation of a loan after a chapter 7?
Nothing happens, the lien still exists- and the 2nd lender can still foreclose if you stoip making payments. The bigger worry is why you would WANT to reaffirm a mortgage debt!
