you pay it!?!
your loan becomes due ?
Yes, no matter what happens to the owner of your mortgage, you should always make your payments on time. A loan sale or servicing transfer does not mean you can skip a payment.
See http://www.fivecentnickel.com/2008/09/22/what-happens-to-your-mortgage-if-your-bank-fails/
Nothing happens to it. It still remains in second place.
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.
The type of deed will determine what happens to the property after her death. If there is a right of survivorship, you will get the house. The mortgage company determines whether you keep the mortgage or have to refinance.
You will then have one mortgage and not two.
Unfortunately, foreclosure happens.
what happens if you become unemplyed and wish to reduce your mortgage payments are there any options in holland
You tell them that you will tell them your name as soon as they show you the money to pay the mortgage; you will sign it on their receipt.
The mortgage has to be resolved. Either it must be sold and the mortgage paid off, or the person inheriting obtains a replacement mortgage.
You can find the answer you want by asking the mortgage holder.