No. Banks will pay the property tax before they foreclose to make sure the government does not place a lien on the house; thus, not allowing them to take ownership.
You will no longer be responsible. The bank will have to worry about that after they foreclose your home.
The lender can foreclose and take possession of your property subject to the first mortgage.The lender can foreclose and take possession of your property subject to the first mortgage.The lender can foreclose and take possession of your property subject to the first mortgage.The lender can foreclose and take possession of your property subject to the first mortgage.
The government will file a lien against your property. You usually have a set time period to repay the back taxes after that happens. If you don't, then the government can foreclose on your house.
Yes. The bank could foreclose and take possession of the property subject to the first mortgage.
No, they will normally just foreclose on the property.
Yes. Property remains subject to a mortgage until the mortgage is paid off. If a person purchases property that is subject to a mortgage that the seller granted to a bank, the new owner must pay the mortgage or the bank can foreclose.
If the person is unable to pay, the bank can foreclose.
The lender could foreclose on your house.
A mortgage is a promise that you make to the lending company. You promise them that if you don't pay back the loan, then they can have your house. It's no different for the second mortgage except that if you fail to pay either bank, and they both want your house, then the first mortgage holder always wins. If you default on your second mortgage..then they have the right to foreclose and sell your property BUT they have to pay the balance on your first off. If you defalut on your first mortgage then they will give notice to your second mortgage company and give them the option to "accelerate " the mortgage and they can foreclose..but if the second does not then the first mortgage can foreclose and sell your property and only pay the second off if there is enough money from the sale. It really doesn't matter if the mortgage balance is the "smaller" it is who is recorded in first & second lien position.
It's simple. The second lien holder will foreclose if you don't pay that debt and it thinks there is enough equity in the property to take possession subject to the first lien.It's simple. The second lien holder will foreclose if you don't pay that debt and it thinks there is enough equity in the property to take possession subject to the first lien.It's simple. The second lien holder will foreclose if you don't pay that debt and it thinks there is enough equity in the property to take possession subject to the first lien.It's simple. The second lien holder will foreclose if you don't pay that debt and it thinks there is enough equity in the property to take possession subject to the first lien.
A lien is a security interest in the property. A lien might arise from a loan. If you buy a car with the bank's money the bank will put a lien on the car. If you don't pay the bank back, it can foreclose on its lien and take the car from you. If you have a roofer add a new roof to your house, and you don't pay him, the laws allow the roofer to put a lien on your house. The roofer now has a stake in the house. If you don't pay off the lien your house can be forcibly put up for sale in order to satisfy the lien. I believe "property and tenets" translates into modern speak as "property and belongings".
Yes. The junior mortgagee can foreclose and take possession of your property subject to the first mortgage. If there is enough value in the property the junior mortgagee can sell the property, pay off the first mortgage and put any remaining proceeds against the amount owed on the second mortgage.Yes. The junior mortgagee can foreclose and take possession of your property subject to the first mortgage. If there is enough value in the property the junior mortgagee can sell the property, pay off the first mortgage and put any remaining proceeds against the amount owed on the second mortgage.Yes. The junior mortgagee can foreclose and take possession of your property subject to the first mortgage. If there is enough value in the property the junior mortgagee can sell the property, pay off the first mortgage and put any remaining proceeds against the amount owed on the second mortgage.Yes. The junior mortgagee can foreclose and take possession of your property subject to the first mortgage. If there is enough value in the property the junior mortgagee can sell the property, pay off the first mortgage and put any remaining proceeds against the amount owed on the second mortgage.