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What happens to the second deed of trust if the first deed of trust is in foreclosure?
Wiki User
∙ 16y ago
Nothing essentially happens to the 2nd deed of trust unless the property actually goes to sale and the foreclosure does not get cured by either the Trustor or the beneficiary of the 2nd deed of trust. In that case the 2nd deed of trust would cease to exist and drop off title at time of the sale of the property.
Wiki User
∙ 16y ago
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What happens to the first Deed of Trust when the second is in foreclosure?
SInce the first is in a superior position, nothing happens to the first. Any purchaser at the foreclosure sale would then have to pay off the first deed of trust.
What happens if your house is in trust and goes to foreclosure?
What happens? the bank forecloses of course. The fact that the house is in a trust doesnt change anything.
What recourse does a second mortgage holder have when the first mortgage goes into foreclosure?
Hate to tell you, but in my state (WA), if a senior deed of trust or mortgage is foreclosed, then the inferior/junior mortgages and/or deeds of trust are foreclosed as well. That means that you have no recourse subsequent to a foreclosure. I suggest seeing an attorney immediately (see the phone book for one who gives "free consultations").
If the holder of second trust deed forecloses first does it have to pay off the full amount owed to the first trust deed?
If the holder of the second mortgage, or deed of trust, forecloses, that lender takes the property subject to the first mortgage or deed of trust.
How can foreclosure on my credit report affect me?
A foreclosure will affect your credit and credit score by decreasing your score, and potentially lowering your overall credit scoring method. If you have a trust deed and the vast majority of home sales in the United States involve a trust deed once the sale takes place the lender simply gets the home back. There is no deficiency owed. However if there is a second mortgage or most likely a second trust deed that lender will normally not bid at the foreclosure sale and you will owe that as an unsecured debt. If you have only one mortgage or trust deed you can simply let the home go back if you are unable to sell the home. If you owe a significant 2nd loan then you may need to consult with a bankrutpcy attorney to resolve that debt
What happens to the first Deed of Trust when the second is in foreclosure?
SInce the first is in a superior position, nothing happens to the first. Any purchaser at the foreclosure sale would then have to pay off the first deed of trust.
What happens if your house is in trust and goes to foreclosure?
What happens? the bank forecloses of course. The fact that the house is in a trust doesnt change anything.
What recourse does a second mortgage holder have when the first mortgage goes into foreclosure?
Hate to tell you, but in my state (WA), if a senior deed of trust or mortgage is foreclosed, then the inferior/junior mortgages and/or deeds of trust are foreclosed as well. That means that you have no recourse subsequent to a foreclosure. I suggest seeing an attorney immediately (see the phone book for one who gives "free consultations").
Can you modify a Deed of Trust in Maryland while in foreclosure?
No.
If the holder of second trust deed forecloses first does it have to pay off the full amount owed to the first trust deed?
If the holder of the second mortgage, or deed of trust, forecloses, that lender takes the property subject to the first mortgage or deed of trust.
What if the address is wrong on the deed is it legal?
There are different meanings for a deed of trust. The first conveys real property to a trust. The second is the form used to grant a mortgage. For the first meaning, The trust must be reviewed to make certain the trustee has the power to convey real estate. If so, the property should be conveyed back to the grantor by the trustee with exactly the same description. Then, the property should be conveyed to the trust with the correct description. For the second meaning. If the property description in a mortgage is incorrect the lender will encounter problems in the case of a foreclosure. The description may need to be reformed by a court action.
How can foreclosure on my credit report affect me?
A foreclosure will affect your credit and credit score by decreasing your score, and potentially lowering your overall credit scoring method. If you have a trust deed and the vast majority of home sales in the United States involve a trust deed once the sale takes place the lender simply gets the home back. There is no deficiency owed. However if there is a second mortgage or most likely a second trust deed that lender will normally not bid at the foreclosure sale and you will owe that as an unsecured debt. If you have only one mortgage or trust deed you can simply let the home go back if you are unable to sell the home. If you owe a significant 2nd loan then you may need to consult with a bankrutpcy attorney to resolve that debt
What financing instrument does not require a judicial foreclosure in case of default by the borrower?
deed of trust
If a house is in a trust and the person that owns the trust dies and that house goes into foreclosure and there is no assets in the trust prior to foreclosure can they come after anything else?
The bank will take possession of the property. If the mortgage was granted prior to the property being transferred to the trust the bank may try to attach assets of the mortgagor/decedent for any deficiency. If granted by the trustee only the trust assets are vulnerable.
Is it possible for a first lien mortgage to be recorded in second lien position?
The only possibility I can think of is that one could have an unrecorded first mortgage or deed of trust. The second mortgage or deed of trust, if recorded, would be the first of record, and legally considered to be the first.
What happens if you get your adenoids taken out a second time?
Well,It is physically impossible, due to the fact that once they are surgically removed the first time, they are no longer in your body, hence, impossible to remove a second time.I am a liscensed surgeon, so you can trust my answer.Hope this helps!
If your home is in foreclosure and your bank tells you to make a payment this will stop the foreclosure but they won't give you it in writing that this will stop foreclosure do I trust the bank?
Absolutely, positively not! To be legally secured you must have a written agreement signed by all involved parties that stipulates all the terms included in the transaction.
