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If the same lender holds both mortgages and only second goes to foreclosure what happens in Delaware will both go into foreclosure even though the first is current can we stay in home?
Wiki User
∙ 15y ago
No, you will not be able to stay in the home if one lender successfully forecloses on the home. It only takes one lien holder to take away the house. Chances are, if you have been able to keep up with your first mortgage, you can convince your lender to combine the two and just have one mortgage payment. Depending on how long you've had the loan and how much equity you have, you may even be able to negotiate a lower monthly payment. When you are facing foreclosure, it's important to stay in contact with your lender and explain what's going on and how you plan to recover from your hardship and begin making your payments again.
Wiki User
∙ 15y ago
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What happens during a property foreclosure?
During a property foreclosure, the lender sells one's mortgages house and use the sales proceeds to pay off the outstanding balance on the mortgaged loan.
What happens to your down payment in foreclosure?
The money is gone after foreclosure.
What happens if I don't pay my mortgage?
Unfortunately, foreclosure happens.
What happens when Rented property goes into foreclosure?
It is the same process as any other foreclosure, except that at the conclusion of the foreclosure, the tenants will be forced to leave.
What happens after a judgement of foreclosure on a mortgage?
although itis principle of law that amortgage isalways mortgage.but foreclosure is rule due to which the last benificiary receive the money from property after using his right of foreclosure.
What happens during a property foreclosure?
During a property foreclosure, the lender sells one's mortgages house and use the sales proceeds to pay off the outstanding balance on the mortgaged loan.
What happens if your home does not sale at the foreclosure auction?
at the auction sale of my home the sale was stopped. i did not file bankruptcy. i have two mortgages own by investors need to make a decision to or to move?
What happens to your down payment in foreclosure?
The money is gone after foreclosure.
What happens if I don't pay my mortgage?
Unfortunately, foreclosure happens.
What happens when Rented property goes into foreclosure?
It is the same process as any other foreclosure, except that at the conclusion of the foreclosure, the tenants will be forced to leave.
What happens when there are 3 mortgages on my land?
In that case you have three monthly mortgages payments.In that case you have three monthly mortgages payments.In that case you have three monthly mortgages payments.In that case you have three monthly mortgages payments.
What happens to homes in foreclosure?
The homes in foreclosure are sold at auction after notice and publication of the date, time and place.
What happens to renters when the landlord is foreclosed on?
In the U.S., a federal act - the Protecting Tenants at Foreclosure Act - requires banks on federally related mortgages to give a 90 day notice to quit. You can assume that the mortgage is federally related. After that, in most states, they have to go to court and prosecute an eviction.
What happens after a judgement of foreclosure on a mortgage?
although itis principle of law that amortgage isalways mortgage.but foreclosure is rule due to which the last benificiary receive the money from property after using his right of foreclosure.
What happens to the first Deed of Trust when the second is in foreclosure?
SInce the first is in a superior position, nothing happens to the first. Any purchaser at the foreclosure sale would then have to pay off the first deed of trust.
How may missed mortgages payment until you are in foreclosure?
Mortgages can be written with a lot of different terms and laws, especially real-estate laws, vary greatly state to state. State law also dictates the actual process of foreclosure. Foreclosure doesn't happen when you miss x number of payments. Foreclosure is the legal process of the bank or lender trying to take away your legal right to lay claim to any equity you have accumulated in your home. They do this so that, if and when they have to repossess your home, they don't have any problems trying to sell if because you still have a financial claim to the property. Foreclosure happens when you default and a bank decides they need to foreclose so they can then evict you and resell the house. If you are missing payments on your mortgage, you need to talk to your bank/lender and talk about what's going on. Banks do not like to have to go through all the work to foreclose, evict, and sell a home. But, if you are missing payments, you need to talk to someone to figure out what the options are and which option is best for you.
What happens after a house goes into foreclosure?
you get kicked out and you live outside instead of inside
