It's simple. The second lien holder will foreclose if you don't pay that debt and it thinks there is enough equity in the property to take possession subject to the first lien.
It's simple. The second lien holder will foreclose if you don't pay that debt and it thinks there is enough equity in the property to take possession subject to the first lien.
It's simple. The second lien holder will foreclose if you don't pay that debt and it thinks there is enough equity in the property to take possession subject to the first lien.
It's simple. The second lien holder will foreclose if you don't pay that debt and it thinks there is enough equity in the property to take possession subject to the first lien.
Yes. The second mortgage holder would take possession of the property subject to the first mortgage.
It's simple. The second lien holder will foreclose if you don't pay that debt and it thinks there is enough equity in the property to take possession subject to the first lien.
In general, yes. However, the primary mortgage remains the senior lien on the property; they must be paid off from the proceeds before the holder of the second mortgage gets anything.
They'll probably, eventually, foreclosure. (second response) The first lien holder will pay the second lien holder to prevent them from foreclosing on the property. A second lien would never get away with this, but if they did, boy would they be in the money. Imagine if you took a home equity loan out on a $200,000 home for $25,000 dollars. You stop paying on the second lien, and they foreclose. Their $25,000 investment just returned $200,000. Be a hell of a day for a bank. Flip side is, if a home with 2 liens does go into foreclose, the second (junior) lien gets nothing.
Yes. Any lien holder can initiate foreclosure proceedings when their lien is in default.
As long as you keep making your mortgage payments the bank can't foreclose. However, you cannot refinance or sell the property until the lien is paid. If you sell, the net proceeds after paying off the mortgage would go to the lien holder to satisfy that lien.As long as you keep making your mortgage payments the bank can't foreclose. However, you cannot refinance or sell the property until the lien is paid. If you sell, the net proceeds after paying off the mortgage would go to the lien holder to satisfy that lien.As long as you keep making your mortgage payments the bank can't foreclose. However, you cannot refinance or sell the property until the lien is paid. If you sell, the net proceeds after paying off the mortgage would go to the lien holder to satisfy that lien.As long as you keep making your mortgage payments the bank can't foreclose. However, you cannot refinance or sell the property until the lien is paid. If you sell, the net proceeds after paying off the mortgage would go to the lien holder to satisfy that lien.
The short answer is yes they can because once the bankruptcy is discharged you no longer are protected for debtors who wish to collect on a debt.
The tax lien must be paid to remove it from the property. If you foreclose on the mortgage the tax lien would be a junior lien, however, the IRS has a right of redemption. If you plan to foreclose you should consult with an attorney who specializes in foreclosures.The tax lien must be paid to remove it from the property. If you foreclose on the mortgage the tax lien would be a junior lien, however, the IRS has a right of redemption. If you plan to foreclose you should consult with an attorney who specializes in foreclosures.The tax lien must be paid to remove it from the property. If you foreclose on the mortgage the tax lien would be a junior lien, however, the IRS has a right of redemption. If you plan to foreclose you should consult with an attorney who specializes in foreclosures.The tax lien must be paid to remove it from the property. If you foreclose on the mortgage the tax lien would be a junior lien, however, the IRS has a right of redemption. If you plan to foreclose you should consult with an attorney who specializes in foreclosures.
The lien holder would. A lien holder has a financial interest in the property
If you are the lien holder, and someone doesn't pay, then yes, you can foreclose. I handle around 50 foreclosures each month, in 3 separate counties in Texas. We use a Warranty Deed With Vendor's Lein, Deed of Trust, and a Promissory Note, then when our customers do not pay their note for a long period of time, then we foreclose on it.
Tax sale property has a quit claim deed. Any liens on the property, mortgages, from the previous owner will remain on the property. You would be responsible to pay off the lien or the lien holder would foreclose.
No. In the case of "brokered" loans especially the lien holder is the investor that holds the note. The lender is the broker that helped you secure your financing.
If a foreclosure is necessary for a 2nd home, will a lien be put on the first home?
This depends on the Loan Note or Deed of Trust, but if a borrower fails to pay the first mortgage, generally the second mortgagee can reinstate or payoff the first lien and foreclose. Most mortgage documents contain covenants where the borrower swears to take good care of the property and pay all liens, and where failure to do so constitutes a default of the junior lien holder's note.
No, the first lien hold cannot claim or collect any monies from the 2nd lien holder. The lien holders sole recourse is with the borrower.