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Can a second mortgage put a lien on a home that is not foreclosed but I owned as a primary home however since foreclosure the first mortgage was paid its full amount and the second mortgage nothing?
A second mortgage already has a lien on the home. If you don't pay the second mortgage they will foreclose and take the home. By paying off the first mortgage you just make it easier for the bank to get their money back out of the property when they sell it.
Will the court put a lien on your 1st home if you foreclose on a second home?
If a foreclosure is necessary for a 2nd home, will a lien be put on the first home?
What are the pros and cons of borrowing on home equity to pay for auto repairs?
Pro: Interest on the home equity loan is deductible, if you itemize tax deductions. Con: It puts your home under a lien - essentially a second mortgage. If you have a financial crisis it may put your home at risk of foreclosure.
Can a creditor put a home on foreclosure due to not having home insurance?
Yes, Maintaining your Home hazard Insurance Policy is a requirement of your Mortgage Finance Contract or Note. Failure to maintain adequate Property Insurance is a default of your agreement with the mortgage company.
Are you required to keep home insurance after bankruptcy discharge?
If your still buying the house and you still owe the mortgage company then Yes. It is a part of your mortgage contract. Failure to comply with the terms of your mortgage contract will put you in default on your mortgage and subject you home to foreclosure. It has nothing to do with whether you filed a bankruptcy or not, it's a totally separate issue.
If your house is in foreclosure but you hold the deed can the bank sell it?
Yes, that process will be completed by the foreclosure proceedings. The bank is foreclosing (or recovering its interest in the loan) on the mortgage which is "guaranteed" by the property, to put it in simple terms. The foreclosure process will only allow the mortgage holder to recover the amout of its loan and associated fees, etc.
Can a lien be put on your home if you have no mortgage?
Yes, a lien is put on your home because you have liability and it doesn't matter whether you have mortgage or not.
Can an HELOC default cause a home foreclosure?
Yes. A HELOC, or home equity line of credit, is also called a second mortgage (it can be a third or fourth or more though). The HELOC is a line of credit that is backed by your home. If you default on your HELOC payment, you are defaulting on a mortgage and you lose your house when you default on it. The difference between the first mortgage and the HELOC will really only matter to the banker who takes your home. The HELOC gets paid after the first mortgage is paid, so HELOCs are therefore riskier loans and generally come with higher interest rates. Example: your home cost $100 and you put $20 down. You now have $20 worth of equity in your home. You borrow $20 against that $20 in equity, so you now owe the full $100 again ($80 for the first mortgage, $20 for second/HELOC). If you default on either loan, the bank takes your home and will sell it to cover the loans. The first mortgage gets paid from the sale and anything left over goes to the second/HELOC.
Can I surrender a home and not be in foreclosure?
Yes, it's called a Deed-In-Lieu of foreclosure. You agree to walk away from the home and deed the property back to the mortgage company. This will still have a negative impact on your credit, but not as bad as a foreclosure. Most of the time, a Deed-In-Lieu is a cheaper option for the mortgage company as well because of all of the additional attorney fees/costs associated with the foreclosure process. However, a lot of mortgage companies still have rather restrictive guidelines for accepting a Deed-In-Lieu, some of these restrictions may require the mortgage has already been delinquent for some time, and that the property has been listed for sale at fair market value for a minimum of time (usually 90 days). Because the mortgage industry is struggling, these guidelines are ever changing and often can be bypassed. Call your mortgage company to find out what their specific guidelines are for accepting a Deed-In-Lieu. If you haven't already put your home up for sale, it would be a good place to start. If you can get a reasonable offer, even if it's less than the mortgage, your mortgage company may accept a short sale, which will be better for your credit and will also save the mortgage company money.
If a home you are selling forecloses will the bank repossess or put lien on one you are in the process of buying?
The answer is probably yes, unless your state provides that the dream home (your homestead) is exempt from attachment by creditors. It would be different from state to state. In Texas, the answer would be no. There are actually companies that will work with you for free to buy your mortgage away from your mortgage company and avoid your foreclosure.
Husband-and-wife buy a house together the wife's name is not put on the deed until the second mortgage but the second mortgage is now paid off do we still share the deed of trust?
If a husband and wife buy a house together and the wife's name is not put on the deed until the second mortgage, yes, the deed is still shared after the second mortgage is paid off.
Which is better to do foreclousre bankrupties or deeding your home back I have put my home up for sale but I am 4months behind?
If the mortgage holder will accept a deed in lieu of foreclosure, that would be the road to take. If, like most people in foreclosure these days, you are "upside down" on the mortgage (owe more than the house is now worth) and cannot sell it, file bankruptcy. If you have the income to do a plan and keep the house, do a C. 13. If not, surrender the house in a C. 7 and have any deficiency discharged.
