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You file it in the same registry as the first mortgage.
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What is subordinate second mortgage?
Deeds of Trust (mortgages) have a position on title based on seniority (1st, 2nd, 3rd). So if a new 1st mortgage wants to go into first position in a refinance transaction but there is already a 2nd mortgage, they must ask the 2nd mortgage to allow them to go ahead of them on title. The 2nd mortgage lender will review the proposed loan, and either approve or deny the request. This is most common when a borrower wants to retain the terms of the 2nd mortgage or they do not have enough equity to borrow a sufficient amount in the new loan to pay off the 2nd mortgage.
Can you use a second mortgage as a down payment?
You can use a 2nd mortgage on a home for the down payment of another home. The payment for the 2nd mortgage will need to be added to your debt ratios.
What happens to the first mortgage when the second mortgage is foreclosed on?
It depends....the 2nd mortgage holder can buy out your first mortgage and then foreclose on the entire property , the chances are higher of this happening is the 2nd mortgage is kinda large or if they are held by the same lender. If the 2nd mortgage holder decides not to buy the first mortgage out then typically nothing with happen because the first mortgage holder is in control. The 2nd mortgage cannot foreclose on the first mortgage so keep the first mortgage payments current.If the 2nd does not buyout the first then the lien with remain on the property and you will be require to pay it off if you sell or refinance the property down the road.Mortgage loan officer PAIn Texas the law is: http://www.avvo.com/legal-answers/tx-foreclosure-second-trust-deed-4498.html
Where can one obtain a mortgage if one has a record of poor credit?
One can obtain a mortgage of one has a record of poor credit from government programs such as the Federal Housing Administration or the Veteran's Administration.
Can 2nd mortgage collect after auction?
No. Once the first mortgage or deed of trust is foreclosed, the second mortgage and any inferior liens are voided.
What is subordinate second mortgage?
Deeds of Trust (mortgages) have a position on title based on seniority (1st, 2nd, 3rd). So if a new 1st mortgage wants to go into first position in a refinance transaction but there is already a 2nd mortgage, they must ask the 2nd mortgage to allow them to go ahead of them on title. The 2nd mortgage lender will review the proposed loan, and either approve or deny the request. This is most common when a borrower wants to retain the terms of the 2nd mortgage or they do not have enough equity to borrow a sufficient amount in the new loan to pay off the 2nd mortgage.
How can you get repaid for a 2nd mortgage you hold on a house a bank has foreclosed on?
That will depend on how much the bank gets when it sells the house. If they cover their mortgage and costs, the 2nd mortgage will be paid.
Can you use a second mortgage as a down payment?
You can use a 2nd mortgage on a home for the down payment of another home. The payment for the 2nd mortgage will need to be added to your debt ratios.
What happens if payoff 1st mortgage and keep 2nd?
You will then have one mortgage and not two.
What happens to the first mortgage when the second mortgage is foreclosed on?
It depends....the 2nd mortgage holder can buy out your first mortgage and then foreclose on the entire property , the chances are higher of this happening is the 2nd mortgage is kinda large or if they are held by the same lender. If the 2nd mortgage holder decides not to buy the first mortgage out then typically nothing with happen because the first mortgage holder is in control. The 2nd mortgage cannot foreclose on the first mortgage so keep the first mortgage payments current.If the 2nd does not buyout the first then the lien with remain on the property and you will be require to pay it off if you sell or refinance the property down the road.Mortgage loan officer PAIn Texas the law is: http://www.avvo.com/legal-answers/tx-foreclosure-second-trust-deed-4498.html
What is the journal entry to record mortgage revenue?
debit cash / bank / accounts receivablecredit mortgage revenue
How do you put a lien on title with owner financing?
You need to have an attorney draft a mortgage and record it in the land records in order to create a lien on the property.You need to have an attorney draft a mortgage and record it in the land records in order to create a lien on the property.You need to have an attorney draft a mortgage and record it in the land records in order to create a lien on the property.You need to have an attorney draft a mortgage and record it in the land records in order to create a lien on the property.
What is the cost to take the mortgage out of a trust?
You should consult with the attorney who drafted the trust. You may be able to draft and record an assignment of the mortgage for a nominal fee.You should consult with the attorney who drafted the trust. You may be able to draft and record an assignment of the mortgage for a nominal fee.You should consult with the attorney who drafted the trust. You may be able to draft and record an assignment of the mortgage for a nominal fee.You should consult with the attorney who drafted the trust. You may be able to draft and record an assignment of the mortgage for a nominal fee.
Can the same 2nd mortgage be recorded on two properties?
Yes, A mortgage can cover multiple properties.
Where can one obtain a mortgage if one has a record of poor credit?
One can obtain a mortgage of one has a record of poor credit from government programs such as the Federal Housing Administration or the Veteran's Administration.
Can 2nd mortgage collect after auction?
No. Once the first mortgage or deed of trust is foreclosed, the second mortgage and any inferior liens are voided.
How do you buy a second house and get a 2nd residential mortgage when you already have a mortgage on your first house?
Sexytime with banker.
