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When a person or family buys a home with a mortgage, it is registered with the county or city registry as the first mortgage. The first mortgage is paid off first in whatever case.

A second mortgage on the other hand is a secured home equity loan against the same property. If you default on your mortgage payments the lender has to wait after the till the first mortgage is paid. For this reason the second mortgage rates may be higher. Second mortgages are usually smaller loans.

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โˆ™ 2012-07-24 11:01:56
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Q: How does a second mortgage appear on your original mortgage?
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Related questions

What is the purpose of second mortgage calculator?

The purpose for second mortgage calculator is to calculate the mortgage for when one gets a second mortgage. The second mortgage calculator will calculate all costs required.


If your first original mortgage is current can a second mortgage foreclose?

Yes. Any lien holder can initiate foreclosure proceedings when their lien is in default.


Why might a homeowner take out a second 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 -


Why does the second mortgage holder have to approve of the first mortgage refinance?

the first mortgage is collateral for the second mortgage.


What are the benefits of getting a second mortgage refinance?

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.


What are the dangers of a second mortgage foreclosure?

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.


What is the statute of limitations on second mortgage in CA?

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.


How can one obtain a 125 second mortgage in the US?

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.


What rights does the second mortgage holder have if the first mortgage payments are up to date?

If the second mortgage is in default the second mortgagee can foreclose and take possession of the property subject to the first mortgage.


What is second home mortgage?

A second home mortgage is a loan that you take to purchase your second home.


Why si there second mortgage rates?

"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."


How would someone calculate the cost of a second mortgage?

One can calculate the cost of a second mortgage by going to the website 'MortgageCalculator'. Here one can find information about achieving a second mortgage and use the calculator to calculate the cost of a second mortgage.


What happens to the second mortgage if the first mortgage is paid off?

you then only have to pay the second


Why would a person need a second mortgage?

A person would need a second mortgage because it is a way to avoid mortgage insurance. They might also need a second mortgage if they need a lump sum of cash.


What does taking out a second mortgage mean?

you have two options when you need to pull out money from your property. 1.) cash-out refi- where you pay off the current mortgage and take additional cash with it. 2.) leave the current mortgage alone and taking a second mortgage out for the cash. Second mortgage all so means it is in second place behind the first mortgage


Can a mortgage company sue for the entire amount of a second mortgage after foreclosure even though they received money to cover the first and some of the second after the sale of the property?

First, it is unclear how you know the mortgage company received money toward the second mortgage from the foreclosure of the first mortgage. The lender can sue for the second mortgage. You should consult with an attorney who can seek documentation from the lender to support the amount they are suing you for.First, it is unclear how you know the mortgage company received money toward the second mortgage from the foreclosure of the first mortgage. The lender can sue for the second mortgage. You should consult with an attorney who can seek documentation from the lender to support the amount they are suing you for.First, it is unclear how you know the mortgage company received money toward the second mortgage from the foreclosure of the first mortgage. The lender can sue for the second mortgage. You should consult with an attorney who can seek documentation from the lender to support the amount they are suing you for.First, it is unclear how you know the mortgage company received money toward the second mortgage from the foreclosure of the first mortgage. The lender can sue for the second mortgage. You should consult with an attorney who can seek documentation from the lender to support the amount they are suing you for.


What is the difference between a first lien and second lien mortgage underwriting process?

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,


Can a mortgage be discharged if it is assumed by the buyer?

It is up to the lender whether the mortgage can be assumed. If the lender approves the assumption it will draft documents that will free the original mortgagor from the obligation of the mortgage and the person assuming the mortgage will need to sign to assume the debt and obligations under the mortgage.The original mortgagor can't get out from under a mortgage obligation by simply selling a property that's subject to a mortgage.It is up to the lender whether the mortgage can be assumed. If the lender approves the assumption it will draft documents that will free the original mortgagor from the obligation of the mortgage and the person assuming the mortgage will need to sign to assume the debt and obligations under the mortgage.The original mortgagor can't get out from under a mortgage obligation by simply selling a property that's subject to a mortgage.It is up to the lender whether the mortgage can be assumed. If the lender approves the assumption it will draft documents that will free the original mortgagor from the obligation of the mortgage and the person assuming the mortgage will need to sign to assume the debt and obligations under the mortgage.The original mortgagor can't get out from under a mortgage obligation by simply selling a property that's subject to a mortgage.It is up to the lender whether the mortgage can be assumed. If the lender approves the assumption it will draft documents that will free the original mortgagor from the obligation of the mortgage and the person assuming the mortgage will need to sign to assume the debt and obligations under the mortgage.The original mortgagor can't get out from under a mortgage obligation by simply selling a property that's subject to a mortgage.


What is a mortgage loan originator?

Mortgage loan originator is an institution or individual that works with borrower to complete a mortgage transaction.A mortgage originator can be a mortgage broker or mortgage banker & is the original mortgage lender.


Who may be eligible for second mortgage lenders in the UK?

Anyone with good credit history and with active first mortgage may be eligible for a second mortgage lenders in the UK. The second mortgage interest rate is generally higher than the first mortgage as the risk levels are higher.


What risk is inherent in second mortgage loans?

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.


If you foreclose on your home and proceeds are not enough to pay the first and second mortgage what happens to the second mortgage lien?

You still owe the money to the mortgage provider.


When the original purchase money mortgage lender assigns the mortgage to a second party does the value of the benefits pertaining to purchase money remain the same?

Yes, if the lenders sells your loan to another lender. If you refinance -- No.


Is California a non recourse debt state?

California is a non recourse state for your first mortgage. Be aware any form of second mortgage you will still be liable for.You may also be liable on the first mortgage if you have refinanced your original purchase mortgage.


Do you have to seek approval from first mortgage for a second mortgage?

You should review your first mortgage document for any requirement that the lender must be notified before you execute a second mortgage. If there is no clause to that effect then the answer is no.