The only possibility I can think of is that one could have an unrecorded first mortgage or deed of trust. The second mortgage or deed of trust, if recorded, would be the first of record, and legally considered to be the first.
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 -
The main benefit of a second mortgage refinance is that it allows one to not have to create a new mortgage. Creating a new mortgage can be a hassle, which a second mortgage can alleviate.
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.
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.
One can obtain a 125 second mortgage by visiting several websites and filling in the correct information. These websites include BD Nationwide Mortgage, Second Mortgage Outlet, and 125-Second-Mortgage.
A second home mortgage is a loan that you take to purchase your second home.
You file it in the same registry as the 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.
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.
"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."
you then only have to pay the second