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What is the best way to collect a second mortgage that is almost 2yrs in default and has never been paid on at all and amt of the mortgage is 22500.00?
Wiki User
∙ 15y ago
The answer is the same as any lender whose loan is in default: File a Foreclosure. Hire an attorney who understands foreclosure laws, negotiate the fee, and get it done. Look up the foreclosure listings for the county in which the property is located. You'll notice one or maybe two law firms handle all the foreclosure proceedings. These law firms are well versed in the process and usually the most cost effective firms to handle your foreclosure. Waiting won't help...and possibly once the sheriff posts the "Notice of Default" on the door it will get the attention of the defaulted borrower and they will pay immediately. If not, you'll get the property back so you can sell it turning a loss into a gain (hopefully.) Of course, you should do your homework first. If the value of the property has dropped and you can't recoup your legal fees and the $22,500 after resale it may not be worth it. Consult your attorney about this before proceeding. Another concern should be if the borrower is not paying the 2nd, it's only a matter of time maybe before he stops paying the first. If the first files foreclosure before you, your interest could be wiped out by the first foreclosure. Look into that as well... Rob K. Blake
TheMortgageInsider.net
PS: Strange question...if you originated the second mortgage, how can you not know how to collect it? Are you the owner of the house asking or the lender?
Wiki User
∙ 15y ago
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After foreclosure on a first mortgage is the next buyer of the property liable for the second mortgage?
In almost every state, the answer is "NO".
What is required to refinance your mortgage?
You would need almost everything, and often exactly the same thing, that you need when originally applying for a mortgage.
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Almost all banks offer online mortgage services. Some of the most popular companies offering online mortgage lending servers are LendingTree, QuickenLoans, and Cornerstone Mortgage Company.
Can a mortgage company take your home if a insurance refuses to insure property?
The Mortgage company can foreclose on your home if you fail to meet the requirements you agreed to in your finance contract. Hazard Insurance on a home is almost always required by the lender under the terms of the contract. Failure to obtain and maintain the required coverage is a default on your loan, much the same as if we miss mortgage payments. The mortgage company would not foreclose because your home is un-insurable. They would foreclose because you failed to purchase the required property insurance. It is up to the homeowner to maintain the home in a condition that it can be insured.
What is the difference between sub net masking and default masking?
It is Almost same
Do you have to mortgage your house?
No you don't have to mortgage your house, however if you do mortgage it, you could invest the available cash into a Money Market Mutual fund and cut you monthly payments to almost nothing, or actually make a profit.
Where can one find a home loan mortgage calculator?
Home loan mortgage calculators can be found on almost any banking website that offers home mortgages. One can also be found online at Mortgage Calculator.
How do you properly spell mortgage calculator?
"You almost had the spelling right. The only problem was the ""e"" in ""calculator"" It should be an ""o"". So the full spelling would be mortgage calculator."
Can you put a house with a mortgage in a trust?
Yes. There are almost no obstacles if you still own and live in the house after.
Can I get home equity with Mortgage Refinance Debt Consolidation?
I think you probably can get home equity with mortgage refinance debt consolidation. You will need to sit down with your lender in order to get the refinance done. It's almost like applying for a mortgage all over again.
What are some mortgage lenders that accept bad credit?
Mortgage lenders are almost always banks of some sort and most banks do not give mortgage lends to people who have bad credit. However, there is one American bank called Always Trust National Bank that will give mortgage lends to people who have bad credit.
How can one get a second mortgage with bad credit?
It's possible to receive a 2nd mortgage with bad credit you just have to make sure your application is as strong as is possible at the time of application. Beware that your second mortgage will almost always have a higher interest rate than your first.
