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WHAT is a stand alone second mortgage and what happens to it when a home goes to foreclosure?
Annelise8
A stand alone second mortgage is another loan that is taken out against your home when the first loan is still in order. If your home goes to foreclosure, you will still owe this money as well.
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∙ 9y ago
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What is a stand alone second mortgage?
A stand alone second mortgage is a second loan taken out against your home when you already have 1 loan on it. The only difference is that the second loan was closed at a later time.
What does taking out a second mortgage mean?
you have two options when you need to pull out money from your property. 1.) cash-out refi- where you pay off the current mortgage and take additional cash with it. 2.) leave the current mortgage alone and taking a second mortgage out for the cash. Second mortgage all so means it is in second place behind the first mortgage
My son died and the mortgage was in his name only. His wife is making the payments. What happens now?
The widow should arrange a consultation with an attorney who can review the title to the property and the mortgage. If the property was owned jointly or as tenants by the entirety and only the husband signed the mortgage the bank may be out of luck. If the property was in your son's name alone then his estate must be probated in order for title to pass to his heirs and the bank will take the property by foreclosure unless the mortgage is paid. You need an attorney who specializes in real estate law and probate law to review the situation and explain the widow's rights and options.
Do you need to have a separation agreement to refinance a mortgage in your name?
You can refinance the mortgage in your name if the property is on your name alone and the lender approves your loan.You can refinance the mortgage in your name if the property is on your name alone and the lender approves your loan.You can refinance the mortgage in your name if the property is on your name alone and the lender approves your loan.You can refinance the mortgage in your name if the property is on your name alone and the lender approves your loan.
Can you refinance a second loan only and not the first?
Yes, but the holder of the second has to agree to it. Its called subordination. Normally when a first mortgage is paid off the second moves into the first position unless the holder agrees to "subordinate" the second. Yes, you can leave the second alone but the second mortgage company will have to allow it by signing a subordination agreement. Basically, a subordination agreement is an instrument that allows a first lien or interest to be paid off and allows another first mortgage company to come in and be the first priority lien holder.
Unmarried couple have a mortgage together no equity and its in foreclosure. Can he file a chapter 13 alone and repay both shares of arrearages or do I have to file too tho we have no other joint debt?
I am pretty sure that him filing chapter 13 would only cover his debts. If you contact a bankruptcy lawyer they can lead you in the right direction, but I think you would still have responsibility being that you are also on the mortgage.
Do you need a solicitor to take your wife off the joint mortgage?
Your solicitor can negotiate with the lender for you but the mortgage is owned by the lender. You cannot take your wife's name off the obligation if she signed the mortgage. You would need to refinance in your own name and pay off that mortgage. You need to discuss the situation with your bank. If you want the mortgage in your name alone the property must also be in your name alone.Your solicitor can negotiate with the lender for you but the mortgage is owned by the lender. You cannot take your wife's name off the obligation if she signed the mortgage. You would need to refinance in your own name and pay off that mortgage. You need to discuss the situation with your bank. If you want the mortgage in your name alone the property must also be in your name alone.Your solicitor can negotiate with the lender for you but the mortgage is owned by the lender. You cannot take your wife's name off the obligation if she signed the mortgage. You would need to refinance in your own name and pay off that mortgage. You need to discuss the situation with your bank. If you want the mortgage in your name alone the property must also be in your name alone.Your solicitor can negotiate with the lender for you but the mortgage is owned by the lender. You cannot take your wife's name off the obligation if she signed the mortgage. You would need to refinance in your own name and pay off that mortgage. You need to discuss the situation with your bank. If you want the mortgage in your name alone the property must also be in your name alone.
Your name is on the deed to a house which is facing foreclosure but it is not on the mortgage will it affect your credit?
Technically the foreclosure should not effect your credit, because it is a lawsuit against the person(s) who took out the mortgage. BUT, in reality, because your name is on the deed, the foreclosure could make it to your credit report. This is something that wouldn't effect your score much, but someone looking at your report might be able to tell that your home was in foreclosure.Technically, in Massachusetts and most other jurisdictions, if the lender forecloses it can only foreclose against the person who signed the note and mortgage. If you are a joint owner and didn't sign the mortgage then the lender cannot foreclose on your interest in the property. Your name shouldn't be mentioned in the foreclosure at all and your interest in the property should remain in your own name.If you want to sell your interest to the lender it should conveyed by a separate deed with you alone as the grantor. You should seek the advice of a real estate attorney who could advise you about your rights and how to make the transfer properly so it doesn't have an effect on your own credit at all.The lender erred by not having all the fee owners sign the note and mortgage. If only one owner signed then the lender only received that person's interest in the property. Thousands of mistakes like this one, not having all the owners sign, were made by lenders during the lending craze.
You are buying a home with your boyfriend but because your credit is good and his is not you will be the loan holder and he will be on the title how can you assure you are protected?
In order to perfect its interest in the mortgaged premises in case of foreclosure, the bank must have all the owners execute the mortgage. If your lender wants the mortgage to be only in your name then the title on the deed will also need to be only in your name. Your boyfriend's name will not be on the deed. The property will be in your name alone and you will be the person legally responsible for paying the loan.
The mortgage is in your name only but the title is in you and your ex. What can you do if your ex is late on the mortgage payments?
If your name is also on the legal title, you are equally as responsibly for making certain all payments are made on time. Doesn't matter whose name is on the payment coupons - that's just for mailing purposed most likely ... Best bet is to get her off the title, which usually happens only when one refinances the mortgage. That's the only way to change the original Deed of Trust.AnswerIf you are the only one who signed the mortgage then a default will be reported on your credit record and your credit will be ruined. If you conveyed an interest in your property to your "ex" after you signed a mortgage, the ex has no legal obligation to pay but they own a half interest in the property. If you want to protect your credit and your property from foreclosure you must pay the mortgage.You would need to get a quitclaim deed from your ex in order to restore the title to your name alone.
Can a person be trusted if he reconnects with the woman he cheated on you with?
Not for a second. If you tolerate that, you cannot complain when it happens again. He needs to leave her alone or you need to leave him.
how can one obtain a mortgage loan that has no cost to the lender?
When you take out a mortgage you are agreeing to payback over time a certain percentage above and beyond the initial sum stipulated in the Mortgage. There is no fee that the lender has to pay as they are the ones setting up the mortgage with you and you alone.
