That depends on a lot of things. If you owe less than the house is worth, then the 2nd lienholder is paid any proceeds left after the balance of the 1st lienholder and any applicable fees and fines are paid. For unresolved balances, well that is a state by state question and answer. For example; in AZ if the second mortgage is not satisfied, then they have a legal right to persue the balance, unless it is convered by the Mortgage Protection Act of 2007. Even that can't help you if you took out a bunch of money in a refinance. That law was deisgned to protect homeowners from negative loss due to market conditions out of their control. If you took $100,000 out of your equity to build a pool and go on vacation, they don't view that as "out of your control."
yes, but it rarely happens.
You still owe the money to the mortgage provider.
The senior mortgagee (the first) will foreclose and take possession of the property subject to the second mortgage.The senior mortgagee (the first) will foreclose and take possession of the property subject to the second mortgage.The senior mortgagee (the first) will foreclose and take possession of the property subject to the second mortgage.The senior mortgagee (the first) will foreclose and take possession of the property subject to the second mortgage.
The second mortgagee 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 lender can foreclose and take possession of your property subject to the first mortgage.
yes, but it rarely happens.
You still owe the money to the mortgage provider.
The senior mortgagee (the first) will foreclose and take possession of the property subject to the second mortgage.The senior mortgagee (the first) will foreclose and take possession of the property subject to the second mortgage.The senior mortgagee (the first) will foreclose and take possession of the property subject to the second mortgage.The senior mortgagee (the first) will foreclose and take possession of the property subject to the second mortgage.
The second mortgagee 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 lender can foreclose and take possession of your property subject to the first mortgage.
Yes, a financial company can purchase the lien on your mortgage and then foreclose on your property if you have not made sufficient payments.The second mortgagee can also foreclose on the second mortgage and take possession of the property subject to the first mortgage. In that case, the lender would have to pay off the first mortgage before it could keep any proceeds from a sale of the property..
Yes. The bank could foreclose and take possession of the property subject to the first mortgage.
If the second mortgage is in default the second mortgagee can foreclose and take possession of the property subject to the first mortgage.
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.
Yes. The second mortgagee can foreclose if the mortgagor defaults. The second mortgagee would take title subject to the first mortgage and must make those payments or pay it off.Yes. The second mortgagee can foreclose if the mortgagor defaults. The second mortgagee would take title subject to the first mortgage and must make those payments or pay it off.Yes. The second mortgagee can foreclose if the mortgagor defaults. The second mortgagee would take title subject to the first mortgage and must make those payments or pay it off.Yes. The second mortgagee can foreclose if the mortgagor defaults. The second mortgagee would take title subject to the first mortgage and must make those payments or pay it off.
If you don't pay the mortgage the second mortgagee can foreclose and take possession of the real estate subject to the first mortgage. Many of them do just that.
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.