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
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?
In almost every state, the answer is "NO".
You would need almost everything, and often exactly the same thing, that you need when originally applying for a mortgage.
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.
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.
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.
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.
"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."
Yes. There are almost no obstacles if you still own and live in the house after.
Yes, but most attorneys will not sign off on it, because it is almost never in the debtor's best interest in reaffirming a mortgage.
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.
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.
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.
Someone looking for a mortgage payment calculator online can look on financial institution websites. One can find them on almost all major bank websites.
"Most people do not understand the purpose of PMI insurance. I know it is to protect the mortgage company from risk, but it almost seems like it's just another fee to add to the payment."
Yes, it is possible to get mortgage financing for an investment home through almost any bank or mortgage lender. Most financial institutions have an application that is filled out, on it you are to select investment property; this way for legal purposes the bank and government know this will not be your permanent address.
You will almost certainly lose the case by default. Can you hire a lawyer to appear in court for you?
Right now, mortgage rates appear to be rising slightly. This can change on an almost daily basis however. The economy just will not support steep rises right now.
Almost any banking institution can offer mortgage solutions. Chase, HSBC, and now even Discover offers home mortgages. The process of refinancing is very similar to an original mortgage.
In almost all Super Mario advance games you collect Advance Coins. If you collect all 5 of them you get a 1-UP.
A debtor can continue to collect on an old debt indefinitely. Most will stop after 3 years and almost all will stop after 7.
Technically, yes. Practically, no. Almost every realtor in business would not agree to this, UNLESS the realtor included a clause in the loan papers indicating that any default of the payments by the primary signer on the loan (e.g. after 60 days) would automatically lead to assumption of the loan AND the rights to title plus deed by said realtor.
You can use a lots of mortgage tools on almost every website of banks in America to calculate the rate you wish for your house. All of them are very flexible and easy to use.
It is considered a term mortgage which is how mortgages were before the amortized mortgage. In a amortized mortgage a part of every payment goes to principal (the amount you owe) and a part goes toward interest (what the bank charges to loan you the money) In the beginning almost all of the payment goes toward interest but as time goes by more goes toward the principal and less toward the interest until the principal is paid off. The interest only mortgage only pays the interest so you never pay off your debt.
Companies almost always can send the product back to the manufacturer for a refund.
Yes that could happen but is generally when you still have a mortgage on the property. If there is no mortgage then the decision is entirely yours, but if you have a mortgage then the decision making is in the hands of the mortgage company. Bear in mind that when you have a mortgage company involved, they are also insured by your policy along with you in a 1'st place lienhlder position. The insurer must also abide by the wishes of your Mortgage company who is in effect a first position co-insured on your policy. Although the home may be in your name, It actually still belongs to the mortgage company until it is paid off. The mortgage contract you signed almost certainly requires that you make those repairs.