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Can a second mortgage company foreclose on your house?

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βˆ™ 2006-08-17 20:35:31

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Yes. But they have to reach an agreement with the first mortgage holder, for example by buying them, out so to speak. It can be complicated to say the least but it can be done.

2006-08-17 20:35:31
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Q: Can a second mortgage company foreclose on your house?
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Related Questions

If Mortgage note is in one persons name and the deed to property is in another can mortgage company foreclose and take both house and land?

Yes. ==Clarification== The mortgage company can only foreclose if the OWNER of the real estate signed the mortgage. If someone other than the owner signed the mortgage the bank has no interest in the property and therefore cannot foreclose.


What could happen if you have 2 mortgages on the same property and you only default on the smaller of the 2 mortgages?

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.


If I foreclose on my house can the attorney come after me for attorney fees?

What I know about this is that a mortgage company that forecloses your house has no right to get the remaining balance to you.


Your credit report show your second mortgage being included in your bankruptcy you never re-affirmed the second mortgage do you still have to pay it?

Never get a second mortgage --- only if you want to keep your house. 2nd mortgagees can foreclose on you


Can a landlord break a rental lease agreement early because he did not pay the mortgage payments on the house and mortgage company is going to foreclose?

Depends on the local and state laws.


What to do if one owner is not making house payment?

The mortgage payments must be made or the lender will foreclose the mortgage.


Can a water company foreclose for non payment of a water bill?

A property can be foreclosed on for nonpayment of a water bill, but the water company cannot do it. Here's how it works:Foreclosure can only be done by someone with a vested interest in the property--specifically, the mortgage company, anyone with a second mortgage on the place, sometimes a home improvement company like a roofer, and the tax authorities. If you don't pay those guys what they want when they want it, they can declare you in default and foreclose.The water company doesn't have vested interest, so they can't foreclose. They can turn off your water, but that's all.Here's the kicker: most if not all mortgages require the property to be maintained in a habitable condition. A house with no water is not habitable--you can't flush the toilet, for one thing. If you don't pay the water bill, the mortgage company can declare you in default for your failure to maintain the property in a habitable condition and foreclose on your mortgage.


Who has authority to foreclose on house in homeowner's association in Texas?

The bank that the mortgage Is through


If original mortgage is current can a different second mortgage holder foreclose on a charge off?

A charge off just means a bank has considered a bad debt. They still have the right to collect on it. Now it is tough for a second mortgage company or bank to foreclose, reason being that there are in second position. They can start but if foreclosure is followed through with. The first mortgage is paid first and they get what is left over. Remember the house has to be sold etc. Many times they will sell your debt of to a less scrupilous collector. If they do start contact your first mortgage lender immediately. They may have options. Hope this helps.


Can a collection agency foreclose on your house?

No, if you ever hear of it, it is just a scare tactic that some debt collection agencies use. The only agency that can foreclose on your house is the bank or lending institution that holds your mortgage. And they can only foreclose if you are way behind in your payments.No, if you ever hear of it, it is just a scare tactic that some debt collection agencies use. The only agency that can foreclose on your house is the bank or lending institution that holds your mortgage. And they can only foreclose if you are way behind in your payments.No, if you ever hear of it, it is just a scare tactic that some debt collection agencies use. The only agency that can foreclose on your house is the bank or lending institution that holds your mortgage. And they can only foreclose if you are way behind in your payments.No, if you ever hear of it, it is just a scare tactic that some debt collection agencies use. The only agency that can foreclose on your house is the bank or lending institution that holds your mortgage. And they can only foreclose if you are way behind in your payments.No, if you ever hear of it, it is just a scare tactic that some debt collection agencies use. The only agency that can foreclose on your house is the bank or lending institution that holds your mortgage. And they can only foreclose if you are way behind in your payments.No, if you ever hear of it, it is just a scare tactic that some debt collection agencies use. The only agency that can foreclose on your house is the bank or lending institution that holds your mortgage. And they can only foreclose if you are way behind in your payments.No, if you ever hear of it, it is just a scare tactic that some debt collection agencies use. The only agency that can foreclose on your house is the bank or lending institution that holds your mortgage. And they can only foreclose if you are way behind in your payments.No, if you ever hear of it, it is just a scare tactic that some debt collection agencies use. The only agency that can foreclose on your house is the bank or lending institution that holds your mortgage. And they can only foreclose if you are way behind in your payments.No, if you ever hear of it, it is just a scare tactic that some debt collection agencies use. The only agency that can foreclose on your house is the bank or lending institution that holds your mortgage. And they can only foreclose if you are way behind in your payments.


What if your son holds the deed but you hold the mortgage do you have any rights in the house?

No. Not unless your son defaults on the mortgage. In the case of a default you must make certain the mortgage document contained the right to foreclose and if so then you must foreclose on the mortgage in order to get possession of the property. If you did foreclose your son's title to the property would be transferred to you and he would no longer own it.


What happens when a borrower doesn't pay back a mortgage loan?

The lender can foreclose the mortgage and sell the house to recoup its losses. You would lose the house. Your credit rating will plummet.


If you have a lien on your house from a creditor not a mortgage company can they force you to foreclose on the house to get their money?

Not if your home is exempt. Check your state's homestead exemption laws. findlaw.com is a great resource. Actually they can forclose without you doing anything.


can i get a loan to fix my house and not take out second mortgage?

can i get aloan to fix my house without taken a second mortgage out


How do you get out of a second mortgage when the house has been sold on a short sale?

How do you get out of a second mortgage when the house has been sold on a short sale?


When can they foreclose on your house?

They can foreclose on your house whenever you violate the terms of the mortgage you gave in exchange for the loan. The terms may include a grace period, or an acceleration clause, or other terms and conditions that your lawyer will interpret for you when the specific facts are presented.


Louisiana is a community property state you are on the deed only with your husband It says you own it by tenancy by entirety What does this mean What if the mortgage is only in his name?

You AND your husband are the owners of the house. Should you divorce, you have an equal investment in the house. The mortgage is in your husband's name, but should he die, you are responsible for this bill. If you default on the loan, you will foreclose on the house. The mortgage company does not care who pays the loan off, as long as it gets paid.


Can you file bankruptcy on your house after chapter 7 discharge?

Your mortgage should have been included in your chapter 7 discharge. If it was- then you are no longer liable for the mortgage, but the lender can still foreclose on the property. If the mortgage was not included- then why wasnt it included.


How do you buy a second house and get a 2nd residential mortgage when you already have a mortgage on your first house?

Sexytime with banker.


How do you foreclose on property?

In order to foreclose on a property, one must first stop paying the mortgage. The bank will then repossess the house, and try to get rid of the home at a lower price in hopes to recoup some of their lost funds.


If you file a lawsuit to quiet title to your ex-wife's house can a mortgage holder foreclose on the house and foreclose my interest?

This depends on who signed the mortgage document in question, and the date on which the document was signed. If you did not sign the mortgage, and the mortgage was filed after your divorce, you may have a claim to file a quiet title lawsuit (including a lis pendens). However, I'm not sure why title to the house was not decided during the divorce. Because this is a complicated matter, I suggest you consult an attorney (look in the phonebook for a lawyer who gives free consultations).


Your husband has the mortgage in his name only we also have mortgage insurance and we have the deed in both of our names if he dies would the mortgage company get the house or would the wife?

The mortgage insurance you are referring to is most likely the standard mortgage insurance that is on a loan above 80% of the value of the house. This MI covers the lender in case of the borrower defaulting on the loan. It does nothing to help the borrower. If you are on the deed then you still own the house if your husband dies but if you cannot either refinance the mortgage or continue to pay the monthly payments then the lender will ultimately foreclose on the house and repossess it. What you need is a life insurance policy that will pay off the balance on the mortgage in case of the death of the mortgage holder.


Can I refinance a mortgage that is currently only in my wife's name and have the new mortgage be only in my name if the house is in both of our names?

The lender should require that all the owners of the property sign the mortgage. Otherwise, if there is a default the bank can only foreclose on the interest of the party who signed the mortgage.


Can you lose your house if you file for a chapter 7?

Yes, if your equity in the house is greater than the exemption you can use and you cannot pay the trustee the difference, or if there is no mortgage on the house and its value is more than the exemptions. If you are current with your mortgage when you file and get behind on your mortgage during the chapter 7, the mortgagee can foreclose. Consult a local bankruptcy lawyer.


What if your husband has the mortgage in his name only and we have the deed in both of our names if he dies would the mortgage company get the house or would the wife?

If the property was in both your names when your husband signed a mortgage then the bank acquired only his interest, not yours. If he died the bank could foreclose on his half interest only if the mortgage isn't paid. However, if the property was in your husband's name alone when he mortgaged the property and was later transferred to both your names, the bank could foreclose and take possession of the property if the mortgage isn't paid. Neither case would be affected by your husband's death. If he dies the property is still subject to the mortgage in either case.