Equity redemption is a right that only applies to owner/mortgagor/borrower not lender/mortgagee; therefore, the answer is NO.
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.
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.
yes, but it rarely happens.
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.
The question is a bit unclear, but typically a home equity loan has a second lien. If the home is foreclosed, the first dollars received will go to pay off the first mortgage; if more proceeds are received than are required to pay off the first mortgage, they will go to pay off the home equity loan, and the remainder (if any) will go to the former homeowner. If enough isn't generated by the sale to pay off both loans, all accrued interest, missed payments and fees the banks incurred to foreclose, etc., then the former owner (you) are still responsible for the deficiency, and they will seek to recover that. The first mortgage holder is the one that gets to decide whether or not to foreclose, but the second lien holder (the home equity lender) usually has the option to pay off the first mortgage holder and step into its position (it may wish to do so if it fears the first mortgage holder selling the house for less than would be required to fully repay the second lien holder).
If your home goes into foreclosure and you have an equity line of credit, the lender who holds the equity line will typically be paid after the primary mortgage lender from the proceeds of the foreclosure sale. If there is not enough money from the sale to cover both loans, the equity line lender may pursue you for the remaining balance. It's important to consult with a legal or financial professional to understand your options in this situation.
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.
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.
The owner of the fee owns the equity in the property. The life estate holder only has the right to use and possession of the property for life. However, the life estate holder must consent to any mortgage affecting the premises.The owner of the fee owns the equity in the property. The life estate holder only has the right to use and possession of the property for life. However, the life estate holder must consent to any mortgage affecting the premises.The owner of the fee owns the equity in the property. The life estate holder only has the right to use and possession of the property for life. However, the life estate holder must consent to any mortgage affecting the premises.The owner of the fee owns the equity in the property. The life estate holder only has the right to use and possession of the property for life. However, the life estate holder must consent to any mortgage affecting the premises.
An equity line holder is the other term for a shareholder or stockholder. This refers to the person who holds one or more shares in a company.
Share holder equity is liability for business which is refundable at dissolution of business
The mortgage obligation remains on the property. If the holder of the mortgage dies then her heirs own the mortgage.