That depends on whose name was on the deed when the mortgage was executed.
That will depend on how much the bank gets when it sells the house. If they cover their mortgage and costs, the 2nd mortgage will be paid.
No.
The liens that predate the foreclosed mortgage must be paid such as a prior mortgage. The http://taxes.answers.com and any municipal services liens must be paid. Any mortgages, attachments, etc that were recorded AFTER the foreclosed mortgage get wiped out as liens against the property.
The bank does not care who holds the mortgage. If the loan is not being paid, it can be foreclosed on.
The amount that the bank forgave the difference from what you owed and the house is worth will be issued to you on a 1090 form and you will owe tax on that amount.
Check the laws in your state, but NO, they cannot. Your old house secures the mortgage on THAT house. Nothing else.
The answer is Yes, the construction loan is considered a regular mortgage. So if you stop paying the mortgage, it will forclose and show on your credit report.
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A mortgage is a concept which can be explained simply to someone. A mortgage is essentially a loan in which the house functions as a source of collateral.
When the bank foreclosed on the house, they took it back. Now it's time to move out.
No, I can't
The IRS cannot withhold the refund if your house is foreclosed on. However, if the mortgage debt forgiveness results in the IRS treating you as having more taxable income, it may reduce or eliminate the refund. If you've recently been foreclosed on, talk to a tax professional to see if it will affect your tax refund.