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If the second mortgage foreclose who pays the first loan?
If the second mortgagee forecloses and takes possession of the property it must pay the first mortgage or if they sell to a third party that party takes the property subject to the first mortgage.
If the holder of second trust deed forecloses first does it have to pay off the full amount owed to the first trust deed?
If the holder of the second mortgage, or deed of trust, forecloses, that lender takes the property subject to the first mortgage or deed of trust.
What is the difference between a notice of trustees sale and a tax lien sale?
A tax sale in initiated by your county tax office for deliquent property taxes. The trustee sale is from your mortgage company for deliquent mortgage payments. Neither can be initiated w/o proper notice to the property owner.
How do you abandon real estate property?
You leave the property and stop paying the mortgage and taxes. However, be advised that your debts regarding the property will keep accruing. If there is an outstanding mortgage the lender will go after you for the amount you owe and legal costs if it forecloses. If you fail to pay your property taxes the town may eventually take possession of the property and sell it. While the property is in your name you have liability issues.
Can you sue someone for not paying their mortgage?
Yes, you can sue someone for not paying their mortgage. This legal action is typically initiated by the lender or mortgage holder to recover the unpaid debt and potentially foreclose on the property.
If your name is only on the deed do you need to pay the mortgage?
If the person who has an ownership interest in real property does not sign on or guarantee the note, then that person is not liable to pay the note. However, the lender could still foreclose on the property & the person could then lose his/her ownership of that property.
Is California a community property state How could you find out if your name is on a mortgage?
California is a community property state. If you are on a mortgage or loan agreement, you would have had to have signed the papers in the presence of the lender or an agent for it to be legal. You could contact the mortgage lender assuming you have that information, or get a copy of your credit report.
What happens to the first mortgage when the second mortgage forecloses?
AnswerThe first mortgage would have the first position on the lien. So if the second mortgage company foreclosed on the property - they would sell the property and the sale proceeds must go to pay off the first mortgage company first. Then, if there is anything left over, that money goes to the second mortgage company.For example, there is a first mortgage of 100,000 and a second mortgage of 40,000. The property is foreclosed and sold for 125,000. The first mortgage gets paid off (100,000) and the second mortgage company gets the remaining 25,000.The property owner still owes the second mortgage company the other 15,000.--------------------------------------------------------------------------------------------------------------Not true. Maybe different laws in different states but here the 2nd mortgage foreclosure sale does not directly effect the 1st mortgage. It remains a lien.
If the homeowners association foreclose on property how does your loan get paid to the mortgage company?
If the homeowners association forecloses on a property, the foreclosure process typically involves a sale of the property. The proceeds from the sale are used to cover various expenses, including any outstanding debts, such as mortgage payments. The mortgage company will be paid from the sale proceeds first before any remaining funds are distributed to other creditors or the homeowner.
What happens if nobody bids on foreclosure?
The bank who forecloses becomes the owner of the real estate. They then sell the property as an "REO asset" to try and get the money back to payoff the mortgage. REO stands for "real estate owned."
Does the life tenant loose interest if the remainder man defaults on the mortgage on the property?
As long as there is notice of the life estate in the public land records the bank would need the life tenant's signature on the mortgage and note in order to wipe out the life estate. If the life tenant didn't sign the original mortgage and note then the bank has a problem. If it forecloses, it would acquire possession of the property SUBJECT TO the life estate.
If one person is on the mortgage and 2 on the deed who has legal right to property?
The grantees on the most recent deed are the legal owners but the property is subject to a mortgage. The type of ownership will affect the rights of the other party. For a discussion of the complicated issue of different names on deeds and mortgages see the related question link.
