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Do you have to have to pay the second mortgage if the house is sell for less than the whole amount?
Wiki User
∙ 11y ago
Yes. You have to pay the second mortgage regardless of how much your home sells for. You borrowed the money, you pay it back.
Wiki User
∙ 11y ago
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If payments have been made to the second mortgage holder but not to the first Mortgage holder can the first mortgage holder reclaim any of those payments from the second mortgage holder?
No. However, in the case of a foreclosure sale (or any sale), the first lien holder will always be made whole (paid completely) before any sale proceeds are applied to the subordinate liens.
What amount can be wired at one time?
With enough electricians you can do a whole house in a day.
What happens if the first mortgage is okay but the second mortgage has been sent to a law firm that deals in debt collecting now does the whole loan need to paid now or just the 700 that is behind?
If you pay the $700 you should be ok on the first loan
How could one invest in a rental house?
One of the best investments you can make is to buy a house that you will rent out as a whole or as apartments generating income over a period of time. One of the ways you can go about this is using your savings or applying for a loan and mortgage.
If i am are six months late on my mortagage and I receive a insurance check for a roof leak can the mortgage company keep your check since the check came in my name and the mortgage company?
As far as I know they shouldn't be allowed to. They are on the policy in case your house becomes a total loss and the insurer then uses the settlement money to pay back the whole mortgage. Query your insurer.
Mother and son tenants in common mother does not live in house or pay for expenses now she says the house is hers?
If mother and son are indeed tenants in common then each has the right to the use and possession of the whole property. Son cannot mortgage or sell the property without the consent of mother. Mother cannot mortgage or sell the property without consent of son. Both are equal owners.
How can a person be added to an existing mortgage?
go and make an appointment with your lender and ask them to add them on the mortgage. be careful if you default and dont pay (for whatever reason, redundancy, divorce, split etc) in the small print there will be the words 'joint and severaly liable'. this means that you are both liable for the full cost of the mortgage and they will chase both of you for the whole amount, and you are legally bound. its not 50/50. think carefully. my advice - dont do it
How do I get a mortgage if I paid for the property in cash?
All you need to do is go to a mortgage lender (broker/bank/etc) and apply for a mortgage. It does not matter that there is not a current mortgage on the property. The ownership of the home will be listed on the title, and a Deed will have been recorded to show transfer of ownership. If you qualify for a mortgage, the lender will work with you from there! The best person to contact with regards to getting a mortgage will be an independent whole of market mortgage advisor - they will be able to get you a mortgage which will suit your needs.
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What is a 5 letter word for the whole amount?
A five letter word for the whole amount is total.
How do you renegotiate a second loan?
{| |- | If your current mortgage has a high interest rate, you're stuck in an adjustable rate mortgage, or you want cash out or to consolidate your debt, the answer to your mortgage problems is refinancing. Mortgage refinancing allows you to pay off the remainder of your existing loan by taking on a new loan with better terms. You can even opt for Debt reduction programs from Freedom debt relief to get out of debt. |}
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