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Can a 2nd mortgage put a lien on your house for only being a month behind on payment?
Wiki User
∙ 15y ago
A second mortgage is secured by the home, which means they put a lien on the property as part of obtaining the loan. They recorded the lien before funding your loan. This is what gives them the right to take action against the property if you fail to pay. A lender may foreclose on a property when there is a default in the terms at any time, as long as they follow federal and state laws. No lender wants to own your home, so this generally takes 3 months of missed payments or some other serious violation of the terms (unpaid property taxes etc) but they can begin immediately. This is frowned upon by regulatory bodies, the courts and general business sense but it is possible. Don't ignore any contact attempts by your lender. Work with them to understand your situation and to create a plan to solve the issues at hand.
Wiki User
∙ 15y ago
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What is a monthly payment called?
Amonthley payment on a house is called a "Mortgage"
What does the average American mortgage payment?
the average mortgage payment is around $1400.00 a month. believe it or not when i bought my house in 1972 my mortgage was $143.75 a month
What does Mortgage insurance premiums cover?
the house payment
What does a mortgage payment cost?
A mortgage payment depends on several main things: -How much your house is worth -How much you put down for your house -Your credit approval -The type of mortgage plan you chose, usually 15 or 30 years
What is the definition of 'senior mortgage'?
A 'senior mortgage' is the first mortgage placed on a property. If one re-mortgages one's house, then that becomes known as a 'junior mortgage'. Payment of a senior mortgage always takes precedence over payment of a junior mortgage.
What to do if one owner is not making house payment?
The mortgage payments must be made or the lender will foreclose the mortgage.
What is a monthly mortgage payment?
A Monthly Mortgage payment, would be the repayment of a loan taken with a bank or lending firm, when buying a house or property. For example, if you borrowed $250,000 to buy a house, with an interest rate of 3%. The estimated monthly mortgage payment would be 1,054.01 per month, for 360 months.
What would be considered an average mortgage payment?
There is no such thing as an average mortgage payment. This is down to the fact that house prices vary nationwide, interest rates vary and the length, or term, of a mortgage will also vary.
If a person left a house in a will with a mortgage payment what happens with the mortgage?
The mortgage has to be resolved. Either it must be sold and the mortgage paid off, or the person inheriting obtains a replacement mortgage.
How much is mortgage average payment per month?
Your average mortgage rate and payment depend on many factors including where you are looking to purchase your house, personal income, and your credit score. Many mortgage companies offer online mortgage calculators that can be useful in determining what your monthly home loan payment will be.
When you own a house what bills do you have to pay?
if the house has a mortgage you have a mortgage payment, property taxes, homeowners insurance. then your utilities water/sewer, gas, electric, telephone and cable.
Lomans have to make only one more payment to pay off?
the mortgage on the house.
