The mortgagor's interest in the lease will be sold at a public foreclosure sale to the highest bidder. The winning bidder will then have the right to occupy the subject premises under the mortgagor's lease, for the remainder of the lease term. The ownership of the premises will not change. The foreclosure sale proceeds will be paid to the Sheriff, who will deduct his fees, with the balance of the sale price paid to the foreclosing mortgagee.
A leasehold mortgage is an encumbrance on a tenant's interest in a lease conveyed to a lender as collateral for a loan to the tenant.
Yes. A foreclosure can be reported by the entity that foreclosed, by the servicing agent for the entity that owned the mortgage when it was foreclosed or by a mortgage company if it held the mortgage when it was foreclosed.
If the first mortgage is foreclosed the second mortgage lien gets wiped off the property by the foreclosure so the property can be sold free and clear of the second mortgage. However, the mortgagor still owes the debt to the lender and the lender can pursue collection of the amount due by a civil lawsuit.
Assuming that the FIRST mortgage was foreclosed, a foreclosure wipes out any mortgages that were recorded after the foreclosed mortgage.
The liens that predate the foreclosed mortgage must be paid such as a prior mortgage. The http://taxes.answers.com and any municipal services liens must be paid. Any mortgages, attachments, etc that were recorded AFTER the foreclosed mortgage get wiped out as liens against the property.
The amount that the bank forgave the difference from what you owed and the house is worth will be issued to you on a 1090 form and you will owe tax on that amount.
When your home is foreclosed on, the first or second can start the process. If you have a first mortgage and a second mortgage, your first mortgage is the first lien holder. Therefore if the second was first to foreclose they would have to pay the balance or negotiate the balance (agree to lower payoff). When a home is foreclosed on, all debts against the home are extinguished.Normally in a foreclosure the first mortgage will not negotiate with the second mortgage, in this instance the second mortgage would be out of the picture. VALUE (appraisal) plays a huge role in this process.
yes
No. Once the first mortgage or deed of trust is foreclosed, the second mortgage and any inferior liens are voided.
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.
That will depend on how much the bank gets when it sells the house. If they cover their mortgage and costs, the 2nd mortgage will be paid.
The action taken by a bank or loan company to call in a loan or mortgage.