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Can the holder of a second mortgage demand payment on a home after it has been foreclosed on in Ohio?
Wiki User
∙ 12y ago
When filing a complaint for foreclosure, the plaintiff/bank is required to file a preliminary judicial that shows who has any interest in the property being foreclosed.
The complaint must be served to anyone listed on the preliminary judicial which may have a possible interest in the property.
If the complaint is served on the interested party and the defending interested party fails to answer within the required time, then the served interested party is forever barred from claiming their interest in the property.
If the foreclosure is still pending it's possible to file a motion and ask the court to file a late answer. Filing a late answer is at the discretion of the court based on meritorious circumstances listed in the motion to file a late answer.
If the foreclosure is final and you were never served as an interested party, you may have a cause of action.
Check the court docket to see if you were ever listed as an interested party and if so, does the docket show service of the complaint on you.
Wiki User
∙ 12y ago
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What can you do if your mortgage payment is 2 months late?
call the mortgage holder and make payment arrangements
Who do you contact to get the excess money after foreclosure auction?
You should contact the mortgage holder. They would be the ones that foreclosed and will have the remainder.
What to do if you mortgage holder sends your payment back and because they did it puts you in foreclosure?
get an attorney.
What is an on demand payment bond?
This is a type of credit enhancement that guarantees payment of an obligation and must be paid by the enhancer on the demand of the note or bond holder.
What recourse does a second mortgage holder have when the first mortgage goes into foreclosure?
Hate to tell you, but in my state (WA), if a senior deed of trust or mortgage is foreclosed, then the inferior/junior mortgages and/or deeds of trust are foreclosed as well. That means that you have no recourse subsequent to a foreclosure. I suggest seeing an attorney immediately (see the phone book for one who gives "free consultations").
If the condo is foreclosed on during the lien can you be sued for the lien amount after the condo has been foreclosed on?
You are responsible for all debits to the Association and Mortgage holder until the unit is sold. If the unit is sold the New owner get to pay your bad debit, the mortgage company will hold you responsible for any difference between the sales price and what is owed.
Does the bank need to know about a quit claim deed?
Yes. If the bank has a mortgage on the property there is a due on tranfer clause in the mortgage that the property owner signed That means the bank must be notified of any transfer of ownership and it can demand payment in full of the mortgage if any transfer is made. A quitclaim deed would be a transfer of ownership.
With second mortgage holder asking the homeowner to sign a deficiency judgment isn't this lien dropped if the home is foreclosed and goes to public auction?
HOMEOWNER SHOULD SIGN NOTHING...the 2nd mortgage is cut off in the foreclosure action against the 1st mortgage as it affects real property...if the 2nd mortgager holder is looking for a signature, then they should get it from the judge
Your home recently foreclosed you had a first and second loan The first loan handled the foreclosure487k now you are left with the second loan 117K What happens now?
When your home is foreclosed on, the first or second can start the process. If you have a first mortgage and a second mortgage, your first mortgage is the first lien holder. Therefore if the second was first to foreclose they would have to pay the balance or negotiate the balance (agree to lower payoff). When a home is foreclosed on, all debts against the home are extinguished.Normally in a foreclosure the first mortgage will not negotiate with the second mortgage, in this instance the second mortgage would be out of the picture. VALUE (appraisal) plays a huge role in this process.
What is a mortgage escrow account?
An escrow account associated with a mortgage is an account that is maintained by the mortgage holder and funded by the mortgagee. Part of the monthly mortgage payment goes into this escrow account to pay for property insurance and property taxes.
If someone died and left a house with a mortgage in a trust can you just keep making the house payments or do you need to notify the mortgage holder and can they demand the note be paid in full?
You didn't say if the person who left the house was a parent or a friend. If it's parents you must provide a copy of the death certificate to the mortgage holder. Usually, the mortgage holder would have no problem with you continuing on with the payments. Depending on where you stand in the Will you may have to take a loan out to either pay the full mortgage the mortgage holder is holding, and then make your mortgage payments to your own banking institution. It's best to go straight to the mortgage holder and ask these questions so there are no mistakes made. Good luck Marcy
How do you obtain payoff date on mortgage?
Somewhere in your paperwork from closing you should have an Amortization schedule. It will have all payment information about how much is going to interest and principal with each payment as well as the date of final payment. If you don't have one your mortgage holder can provide you with one for a fee of about $15 or $20.
