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What happens if the first mortgage is current but you are in default on the second mortgage?
Wiki User
∙ 12y ago
You are still likely to have a foreclosure problem, since the collateral is your house. You need to get more information about what can be done. These days, you may be able to refinance into one loan, even if you are underwater. At the new rate, you may be able to afford your payments.
Wiki User
∙ 12y ago
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If your first original mortgage is current can a second mortgage foreclose?
Yes. Any lien holder can initiate foreclosure proceedings when their lien is in default.
What happens if I let my second balloon mortgage go into default Is my home or 1st mortgage going to suffer?
Yes, it could. Any lien holder can initiate the foreclosure process - so if your 2nd mortgage goes into default, the mortgage company could choose to start foreclosure proceedings based on the default.
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.
Can you go into foreclosure if you default on your second mortgage?
Yes. Your second mortgage is secured by your home, so if you default on payments, the lender has the right to foreclose.
What rights does the second mortgage holder have if the first mortgage payments are up to date?
If the second mortgage is in default the second mortgagee can foreclose and take possession of the property subject to the first mortgage.
If your first original mortgage is current can a second mortgage foreclose?
Yes. Any lien holder can initiate foreclosure proceedings when their lien is in default.
What happens if I let my second balloon mortgage go into default Is my home or 1st mortgage going to suffer?
Yes, it could. Any lien holder can initiate the foreclosure process - so if your 2nd mortgage goes into default, the mortgage company could choose to start foreclosure proceedings based on the default.
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.
Can you go into foreclosure if you default on your second mortgage?
Yes. Your second mortgage is secured by your home, so if you default on payments, the lender has the right to foreclose.
What rights does the second mortgage holder have if the first mortgage payments are up to date?
If the second mortgage is in default the second mortgagee can foreclose and take possession of the property subject to the first mortgage.
What happens to the second mortgage if the first mortgage is sold?
Nothing happens to it. It still remains in second place.
What risk is inherent in second mortgage loans?
the main risk is that the first mortgage will not be paid. if the first mortgage is not paid, goes into default, and is foreclosed, the second mortgage will be determined in the foreclosure sale.
What happens to the second mortgage if the first mortgage is paid off?
you then only have to pay the second
What are the dangers of a second mortgage foreclosure?
The biggest problem with second mortgage foreclosures is that you can lose your home even if you are still current on your first mortgage. The second mortgage, if defaulted on supersedes you first mortgage.
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
If you foreclose on your home and proceeds are not enough to pay the first and second mortgage what happens to the second mortgage lien?
You still owe the money to the mortgage provider.
Can a second mortgage holder foreclose on a first bank mortgage holder?
yes, but it rarely happens.
