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.
The senior mortgagee (the first) will foreclose and take possession of the property subject to the second mortgage.The senior mortgagee (the first) will foreclose and take possession of the property subject to the second mortgage.The senior mortgagee (the first) will foreclose and take possession of the property subject to the second mortgage.The senior mortgagee (the first) will foreclose and take possession of the property subject to the second mortgage.
Yes, a financial company can purchase the lien on your mortgage and then foreclose on your property if you have not made sufficient payments.The second mortgagee can also foreclose on the second mortgage and take possession of the property subject to the first mortgage. In that case, the lender would have to pay off the first mortgage before it could keep any proceeds from a sale of the property..
Yes. The bank could foreclose and take possession of the property subject to the first mortgage.
If the second mortgage is in default the second mortgagee can foreclose and take possession of the property subject to the first mortgage.
yes, but it rarely happens.
The senior mortgagee (the first) will foreclose and take possession of the property subject to the second mortgage.The senior mortgagee (the first) will foreclose and take possession of the property subject to the second mortgage.The senior mortgagee (the first) will foreclose and take possession of the property subject to the second mortgage.The senior mortgagee (the first) will foreclose and take possession of the property subject to the second mortgage.
Yes, a financial company can purchase the lien on your mortgage and then foreclose on your property if you have not made sufficient payments.The second mortgagee can also foreclose on the second mortgage and take possession of the property subject to the first mortgage. In that case, the lender would have to pay off the first mortgage before it could keep any proceeds from a sale of the property..
Yes. The bank could foreclose and take possession of the property subject to the first mortgage.
If the second mortgage is in default the second mortgagee can foreclose and take possession of the property subject to the first mortgage.
yes, but it rarely happens.
You still owe the money to the mortgage provider.
The lender can foreclose and take possession of your property subject to the first mortgage.The lender can foreclose and take possession of your property subject to the first mortgage.The lender can foreclose and take possession of your property subject to the first mortgage.The lender can foreclose and take possession of your property subject to the first mortgage.
Yes. The second mortgagee can foreclose if the mortgagor defaults. The second mortgagee would take title subject to the first mortgage and must make those payments or pay it off.Yes. The second mortgagee can foreclose if the mortgagor defaults. The second mortgagee would take title subject to the first mortgage and must make those payments or pay it off.Yes. The second mortgagee can foreclose if the mortgagor defaults. The second mortgagee would take title subject to the first mortgage and must make those payments or pay it off.Yes. The second mortgagee can foreclose if the mortgagor defaults. The second mortgagee would take title subject to the first mortgage and must make those payments or pay it off.
If the second mortgagee forecloses and takes possession of the property it must pay the first mortgage or if they sell to a third party that party takes the property subject to the first mortgage.
The second mortgagee can foreclose and take possession of your property subject to the first mortgage.
If you don't pay the mortgage the second mortgagee can foreclose and take possession of the real estate subject to the first mortgage. Many of them do just that.
A mortgage is a promise that you make to the lending company. You promise them that if you don't pay back the loan, then they can have your house. It's no different for the second mortgage except that if you fail to pay either bank, and they both want your house, then the first mortgage holder always wins. If you default on your second mortgage..then they have the right to foreclose and sell your property BUT they have to pay the balance on your first off. If you defalut on your first mortgage then they will give notice to your second mortgage company and give them the option to "accelerate " the mortgage and they can foreclose..but if the second does not then the first mortgage can foreclose and sell your property and only pay the second off if there is enough money from the sale. It really doesn't matter if the mortgage balance is the "smaller" it is who is recorded in first & second lien position.