The second is just a lien. It will have to be satisfied at the time of sale to clear title & should be when it is.
How do you get out of a second mortgage when the house has been sold on a short sale?
The new bank in which the refinance mortgage loan has been taken from becomes the new owner of the first mortgage at the closing table. As for the second mortgage, the second mortgage holder remains the same. Before the first mortgage can close with the new lender, however, they must agree to re-subordinate the second mortgage along with their new one. It is not uncommon. I hope this information helps. Best of luck! Regards, Total Mortgage Services
The buyer of a second mortgage is buying the rights of the mortgagee (lender) under the second mortgage. A buyer of a mortgage is correctly called a mortgage assignee. Therefore, the buyer of the second mortgage is subject to the first mortgage. The first mortgage needs to be paid, not "reinstated".The property remains subject to the first mortgage until it has been paid off. Even if the property is transferred to a new owner the property is subject to the first mortgage and the second mortgage if there was a second mortgage recorded in the land records. The second mortgage always remains subject to the first mortgage until the first mortgage has been paid.Note that a property subject to a mortgage is subject to all the terms of that mortgage. Mortgages have boilerplate "due on transfer" clauses. That means if there is any transfer in ownership of the property, the lender will demand payment of the mortgage in full, immediately.It sounds like you need to discuss this with an attorney who can review the details of your situation and explain your options.
That depends on if the lender uptained a judgment againt you. They would have sought a judgment if the value of the car exceeded the balance of the loan at the time it was reposesed. Some peole are stupid enough to intentionally make their car worthless if it's going to be reposesed. The differanc between the value of the auto and the loan is what the lender will go after.
The second mortgage would have to have been cancelled with the Land Titles Office so that the Charge itself was officially deleted. Otherwise, the lender would still be entitled to payment of the outstanding principle.
How do you get out of a second mortgage when the house has been sold on a short sale?
The new bank in which the refinance mortgage loan has been taken from becomes the new owner of the first mortgage at the closing table. As for the second mortgage, the second mortgage holder remains the same. Before the first mortgage can close with the new lender, however, they must agree to re-subordinate the second mortgage along with their new one. It is not uncommon. I hope this information helps. Best of luck! Regards, Total Mortgage Services
The buyer of a second mortgage is buying the rights of the mortgagee (lender) under the second mortgage. A buyer of a mortgage is correctly called a mortgage assignee. Therefore, the buyer of the second mortgage is subject to the first mortgage. The first mortgage needs to be paid, not "reinstated".The property remains subject to the first mortgage until it has been paid off. Even if the property is transferred to a new owner the property is subject to the first mortgage and the second mortgage if there was a second mortgage recorded in the land records. The second mortgage always remains subject to the first mortgage until the first mortgage has been paid.Note that a property subject to a mortgage is subject to all the terms of that mortgage. Mortgages have boilerplate "due on transfer" clauses. That means if there is any transfer in ownership of the property, the lender will demand payment of the mortgage in full, immediately.It sounds like you need to discuss this with an attorney who can review the details of your situation and explain your options.
That depends on if the lender uptained a judgment againt you. They would have sought a judgment if the value of the car exceeded the balance of the loan at the time it was reposesed. Some peole are stupid enough to intentionally make their car worthless if it's going to be reposesed. The differanc between the value of the auto and the loan is what the lender will go after.
A mature mortgage has usually amortized and paid itself out. If it has been paid out the mortgage lender will send you your original Security deed back.
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.
What can a mortgage company do if mortgage has not been paid in 4 years
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.
The second mortgage would have to have been cancelled with the Land Titles Office so that the Charge itself was officially deleted. Otherwise, the lender would still be entitled to payment of the outstanding principle.
An Unpaid mortgage is a mortgage that has not been paid
It when your mortgage to the bank has been defaulted on and they decide to take back your home to compensate for their lost money.
Call your mortgage company and ask them for the 1098 Form, which should have been sent to your address back in January/February. The 1098 Form will have this information for you to claim the mortgage interest tax deduction with the IRS.