The buyer of a second mortgage is buying the rights of the mortgagee (lender) under the second mortgage. A buyer of a mortgage is correctly called a mortgage assignee. Therefore, the buyer of the second mortgage is subject to the first mortgage. The first mortgage needs to be paid, not "reinstated".
The property remains subject to the first mortgage until it has been paid off. Even if the property is transferred to a new owner the property is subject to the first mortgage and the second mortgage if there was a second mortgage recorded in the land records. The second mortgage always remains subject to the first mortgage until the first mortgage has been paid.
Note that a property subject to a mortgage is subject to all the terms of that mortgage. Mortgages have boilerplate "due on transfer" clauses. That means if there is any transfer in ownership of the property, the lender will demand payment of the mortgage in full, immediately.
It sounds like you need to discuss this with an attorney who can review the details of your situation and explain your options.
No, the purpose of a reverse mortgage mortgage is to eliminate mortgage payments permanently.
360
180
12 months in a year. 12 X 30 = 360 payments.
As opposed to a fixed mortgage rate an adjustable rate mortgage allows an individual to start of their mortgage with lower monthly payments. However, these monthly payments increase over time which demeans the value of saving money on your house.
The mortgage amortization calculator is for working out your monthly mortgage payments. It will also calculate into the equation when and if you make extra monthly payments on your mortgage.
The mortgage amortization calculator is for working out your monthly mortgage payments. It will also calculate into the equation when and if you make extra monthly payments on your mortgage. So it will help you keep track of your mortgage and let you know how things stand.
No, the purpose of a reverse mortgage mortgage is to eliminate mortgage payments permanently.
the benefit of using a mortgage calculator is that it will give you a clear indication of your monthly mortgage payments when you are purchasing a new home.
The monthly mortgage payments go up or down from year to year.
180
360
A mortgage amortization chart used for determining monthly payments.
make bi-monthly payments
A mortgage payment calculator will calculate your monthly mortgage payments. You can find a full list of helpful information at: www.bankrate.com/calculators/mortgages/mortgage-calculator.aspx
The monthly mortgage payments go up or down from year to year.
The monthly mortgage payments go up or down from year to year.