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Yes, if there is no equity in the house to secure that second mortgage, or the equity is less than the exemption.
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∙ 15y ago
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How can a second mortgage loan be discharged?
Any mortgage can be discharged by paying it off.Any mortgage can be discharged by paying it off.Any mortgage can be discharged by paying it off.Any mortgage can be discharged by paying it off.
Is a mortgage considered a bond type security?
No. A mortgage is a loan secured by real estate.No. A mortgage is a loan secured by real estate.No. A mortgage is a loan secured by real estate.No. A mortgage is a loan secured by real estate.
How do you get a 2nd mortgage discharged and keep your house?
You don't. A second mortgage is a secured loan, just as the first morgage. The difference is the first mortgage holder has priority if it involves a lien against the property or foreclosure rights. The only option is to try to negotiate with the lender for reaffirmation of the loan
Is mortgage better than a loan?
A mortgage is a loan secured by your real estate. If you own real property you can borrow more with a mortgage.A mortgage is a loan secured by your real estate. If you own real property you can borrow more with a mortgage.A mortgage is a loan secured by your real estate. If you own real property you can borrow more with a mortgage.A mortgage is a loan secured by your real estate. If you own real property you can borrow more with a mortgage.
How soon can foreclosure occur after default on discharged bankruptcy?
Depends on if the loan is actually secured by a Deed of trust (which has become much more popular) or by an actual mortgage.
What is mortgage used to purchase?
A mortgage is a loan that is secured by real property.
When should people get second mortgages?
A second mortgage is similar to a first mortgage. It is a loan that is secured by your home. It is for a set amount and you will receive a one time payment for the amount of the loan. Then the payments are for a set amount each month for the set term of the loan.
What is a home mortgage secured loan backed by?
the property
Does bankruptcy clear second mortgage loans?
Second mortgages can be discharged only in a Chapter 13 and only if there is no equity in the real estate for the loan to attach to.
Is it true or false that a mortgage is a type of unsecured loan?
It is false. A mortgage is a secured loan. The house itself is the security.
What does it mean when a debt or a loan is personally secured?
When a debt or loan is personally secured, it means that the person who took out the loan has used something as security in case they default on the loan. A mortgage is an example of a secured loan.
What is the example of secured loan?
A mortgage is a secured loan. Any loan that has a charge on assets is a secured loan - effectively, if you don't repay it gives the lender the right to take the goods against which the loan was granted.
