Yes. The second mortagee can foreclose and take possession of the property subject to the first mortgage.
This answer will vary by state and depends on the situation. In one-action states such as California, if a lender foreclosed they cannot pursue the borrower further. If a first foreclosed the second is free to persue the borrower. In California the statute of limitations for collection of a debt is 7 years.
When you sell your home all liens against the property have to be paid so you will have to pay off the second mortgage at the closing.
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.
No. Once the first mortgage or deed of trust is foreclosed, the second mortgage and any inferior liens are voided.
No, they are two separate loans. If the second mortgage is foreclosed the lender takes possession of the property subject to the first mortgage. The borrower no longer owns the property.
One can demonstrate that they are now handling money more responsibility. One could do this by making payments on time and start making payments in full.
Assuming that the FIRST mortgage was foreclosed, a foreclosure wipes out any mortgages that were recorded after the foreclosed mortgage.
This answer will vary by state and depends on the situation. In one-action states such as California, if a lender foreclosed they cannot pursue the borrower further. If a first foreclosed the second is free to persue the borrower. In California the statute of limitations for collection of a debt is 7 years.
I doubt it. You would be paying down your balance and shortening the actual lenght of time you are making payments. The second payment is probably being applied to your principal and this benefits you by paying down what you owe.
When you sell your home all liens against the property have to be paid so you will have to pay off the second mortgage at the closing.
When your home is foreclosed on, the first or second can start the process. If you have a first mortgage and a second mortgage, your first mortgage is the first lien holder. Therefore if the second was first to foreclose they would have to pay the balance or negotiate the balance (agree to lower payoff). When a home is foreclosed on, all debts against the home are extinguished.Normally in a foreclosure the first mortgage will not negotiate with the second mortgage, in this instance the second mortgage would be out of the picture. VALUE (appraisal) plays a huge role in this process.
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.
Hate to tell you, but in WA, none. The senior lien has already foreclosed, any any junior lien (including deed of trust or mortgage) was foreclosed with it.
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.
Yes. Any junior liens on the property are extinguished, but the debts themselves still remain (it may be hard to enforce them, though).
No. Once the first mortgage or deed of trust is foreclosed, the second mortgage and any inferior liens are voided.
You can return to the venue that issued the order and ask them to give you credit. You will probably end up making these payments a second time. NEVER GIVE YOUR CHILD SUPPORT PAYMENTS DIRECTLY TO THE OBLIGOR. Hire baseball player to take a bat upside your head see link below