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no, its limited to the home that is foreclosed on.
Thus, risk based pricing is how mortgages are rated or priced. Historical evidence / statistics show that people let their investment properties go to foreclosure before their 2nd homes and primary residences, and 2nd homes go before the primary...
What else can I help you with?
What happens if someone pays their second mortgage but not their first?
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.
If you own two homes can you foreclose on one and the bank not take the new one your living in?
The bank will only take the home they foreclose.
Can a home be foreclosed if someone stops making payments on a second trust deed?
Yes. The second mortagee can foreclose and take possession of the property subject to the first mortgage.
What happens if you default only on your home equity line but not your first mortgage?
The second mortgagee can foreclose and take possession of your property subject to the first mortgage.
What happens if you can't pay your second 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.
Can a bank foreclose if you dont pay on a second mortgage?
Yes. The bank could foreclose and take possession of the property subject to the first mortgage.
What can you take from a foreclosed home?
You can take anything that was owned prior moving into the foreclosed home. Foreclose is a hard task and will not benefit anyone.
Can second mortgagee pay off first mortgage and take the property by foreclosure?
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 foreclose on your house can the bank take your other house?
it depends if you used the other house in any way to secure the loan for the second house. Please be more specific in your question so I can help you.
Why would the second lien holder foreclose?
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.
Can a second mortgage put a lien on a home that is not foreclosed but I owned as a primary home however since foreclosure the first mortgage was paid its full amount and the second mortgage nothing?
A second mortgage already has a lien on the home. If you don't pay the second mortgage they will foreclose and take the home. By paying off the first mortgage you just make it easier for the bank to get their money back out of the property when they sell it.
What rights does a second mortgage holder have if owner defaults on his loan?
The second mortgagee can foreclose and take possession of the property. However, it would take possession subject to the first mortgage.
