No. However, in the case of a foreclosure sale (or any sale), the first lien holder will always be made whole (paid completely) before any sale proceeds are applied to the subordinate liens.
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.
You didn't say if the person who left the house was a parent or a friend. If it's parents you must provide a copy of the death certificate to the mortgage holder. Usually, the mortgage holder would have no problem with you continuing on with the payments. Depending on where you stand in the Will you may have to take a loan out to either pay the full mortgage the mortgage holder is holding, and then make your mortgage payments to your own banking institution. It's best to go straight to the mortgage holder and ask these questions so there are no mistakes made. Good luck Marcy
If the second mortgage is in default the second mortgagee can foreclose and take possession of the property subject to the first mortgage.
forever
You would continue making payments to the estate. Eventually, they will give you instructions on what must be done as far as finding another mortgage company or person to get a loan from.
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.
The only way would be for the 2nd mortgage holder to "buy out" or "pay off" the 1st mortgage holder. Even then, I believe most states require that the 1st mortgage holder receive notification.
yes, but it rarely happens.
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
In a regular mortgage the person is making payments o the mortgage holder in order to build equity in their home. In the case of a reverse mortgage, the bank is making payments to the person against the equity that is in the home. A reverse mortgage allows you to draw on the equity of your home with out having to sell it. Reverse mortgages were created by the U.S. Department of Housing and Urban Development and are federally insured private loans. A reverse mortgage loan is repaid only when you sell your home or no longer live there as your principle residence.
As long as you keep making your mortgage payments the bank can't foreclose. However, you cannot refinance or sell the property until the lien is paid. If you sell, the net proceeds after paying off the mortgage would go to the lien holder to satisfy that lien.As long as you keep making your mortgage payments the bank can't foreclose. However, you cannot refinance or sell the property until the lien is paid. If you sell, the net proceeds after paying off the mortgage would go to the lien holder to satisfy that lien.As long as you keep making your mortgage payments the bank can't foreclose. However, you cannot refinance or sell the property until the lien is paid. If you sell, the net proceeds after paying off the mortgage would go to the lien holder to satisfy that lien.As long as you keep making your mortgage payments the bank can't foreclose. However, you cannot refinance or sell the property until the lien is paid. If you sell, the net proceeds after paying off the mortgage would go to the lien holder to satisfy that lien.
The mortgage obligation remains on the property. If the holder of the mortgage dies then her heirs own the mortgage.