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How do you get out of a second mortgage when the house has been sold on a short sale?
Wiki User
∙ 13y ago
How do you get out of a second mortgage when the house has been sold on a short sale?
Wiki User
∙ 13y ago
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My sons have been making the mortgage payments the last 6 months based on the loss of my business I want sell the house to them at the value price of the home not my mortgage amount how do I do this?
Contact your mortgage company about doing a "short sale".
If a bank refinances a first mortgage and there is a second mortgage on the property who does the first mortgage belong too?
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
Can a buyer of a second mortgage reinstate the first and make monthly payments even thought the first mortgage is under the name of the previous owners?
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.
Do you have to pay back a second mortgage after it has been reposesed?
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.
What happens when a second mortgage has been written off is the owner still required to pay it after sale of property?
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.
My sons have been making the mortgage payments the last 6 months based on the loss of my business I want sell the house to them at the value price of the home not my mortgage amount how do I do this?
Contact your mortgage company about doing a "short sale".
If a bank refinances a first mortgage and there is a second mortgage on the property who does the first mortgage belong too?
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
Can a buyer of a second mortgage reinstate the first and make monthly payments even thought the first mortgage is under the name of the previous owners?
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.
Can you gift a house when the mortgage is paid off?
Providing that all other requirements of law have been met, once the mortgage has been paid off and the clear title has been registered, you may give a house as a gift to whomever you want.
Are there any loan companies that will give you a loan for another house if you have not been paying the mortgage on your current house?
No.
If payments have been made to the second mortgage but not to the first Mortgage can the first mortgage holder reclaim any of those payments from the second mortgage holder?
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.
Your mother was trying to sell her house in short sale but she recently passed and the mortgage has not been paid in a while is there any chance you could keep the house?
The only way you may be able to keep the house is to negotiate with the bank. Foreclosures are expensive and in the present economic climate the bank may be willing to renegotiate the mortgage amount. You should seek the services of a local attorney who specializes in real estate financing.
Do you have to pay back a second mortgage after it has been reposesed?
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.
Can a spouse be added to a house deed when mortgage is in both names?
It depends on the laws of the the jurisdiction. In many cases the bank would have required this to get the mortgage. There may have been a quit claim deed filed with the mortgage.
Can you file bankruptcy on your house after chapter 7 discharge?
Your mortgage should have been included in your chapter 7 discharge. If it was- then you are no longer liable for the mortgage, but the lender can still foreclose on the property. If the mortgage was not included- then why wasnt it included.
Boyfriend and girlfriend buy house his name only on mortgage and she pays the mortgage what rights to house does she have?
She would certainly have been wiser to get her name on the mortgage if she is paying it, however, she can still claim the status of common-law marriage, and community property (although specific laws vary by state).
What can a mortgage company do if mortgage had not been paid in 4 years?
What can a mortgage company do if mortgage has not been paid in 4 years
