Sexytime with banker.
"Second mortgage rates are for people who already have a first mortgage out and need the money for bills. Or, sometimes if there is an emergency and they don't have the money to cover it, they will take a second mortgage out."
A second lien mortgage occurs when a lender is willing to impose a lien on an asset that already carries a lien with another creditor. An example of a second lien mortgage is a second mortgage being taking out for property. If a person does not make payments to either lender, the first mortgage is settled before the second mortgage can be settled,
The second mortgage holder typically needs to approve the first mortgage refinance because they hold a subordinate position to the first mortgage. Refinancing the first mortgage could impact the second mortgage holder's position, so their consent is often required to make changes to the primary loan.
The biggest problem with second mortgage foreclosures is that you can lose your home even if you are still current on your first mortgage. The second mortgage, if defaulted on supersedes you first mortgage.
If the second mortgage is in default the second mortgagee can foreclose and take possession of the property subject to the first mortgage.
"Second mortgage rates are for people who already have a first mortgage out and need the money for bills. Or, sometimes if there is an emergency and they don't have the money to cover it, they will take a second mortgage out."
A second lien mortgage occurs when a lender is willing to impose a lien on an asset that already carries a lien with another creditor. An example of a second lien mortgage is a second mortgage being taking out for property. If a person does not make payments to either lender, the first mortgage is settled before the second mortgage can be settled,
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.
The second mortgage holder typically needs to approve the first mortgage refinance because they hold a subordinate position to the first mortgage. Refinancing the first mortgage could impact the second mortgage holder's position, so their consent is often required to make changes to the primary loan.
The biggest problem with second mortgage foreclosures is that you can lose your home even if you are still current on your first mortgage. The second mortgage, if defaulted on supersedes you first mortgage.
If the second mortgage is in default the second mortgagee can foreclose and take possession of the property subject to the first mortgage.
A homeowner take out a second mortgage if they are struggling to pay off their first mortgage. You can read more at www.bostonapartments.com/mortgage/second-mortgage/second-mortgage.html -
There are actually a few popular ones. First Residential Mortgage, Benchmark Mortgage, and Old Colonial Mortgage are just three that are good to go with.
you then only have to pay the second
the main risk is that the first mortgage will not be paid. if the first mortgage is not paid, goes into default, and is foreclosed, the second mortgage will be determined in the foreclosure sale.
A second mortgage is not included in a Statue of Limitation law. Explain more about your first mortgage, and I will be able to tell you what will happen to your second mortgage.
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