No, they are two separate loans. If the second mortgage is foreclosed the lender takes possession of the property subject to the first mortgage. The borrower no longer owns the property.
The courts don't report public records, there is a third party entity that obtains public records from the courts and sells the info to the credit reporting agencies. So usually about 30 to 60 days, they update every 30 days, so if they miss you on the first go round they'll get you on the the second or third try.
Depends on the state. In many states the holder of the second mortgage can come after you for the balance due. If the second is from the same company that holds the first that may not be as likely. It really depends on your state and whether the lending institution has the right to pursue you for the balance between what they eventually sell the house for and what you owed. Check to see if your state is a deficiency state and then talk to an attorney.
It wouldn't show up as a completed foreclosure, but it would show up. It would say "foreclosure started" or "foreclosure initiated" or something to that effect.
AnswerAll mortgages are eliminated in foreclosure.The position of the the mortgage - which is virtually always determined by who recorded their lien first - determines the order of who gets paid the money received by the successful bidder at the foreclosure auction.The amount of the debt (which includes the unpaid principal, back payments, interest, late fee's, costs of collection/foreclosing, etc) of the one in 1st position gets the money up to the amount owed. If there is any additional amount received by the sale, it is dispersed down the list until all are paid, and any remaining is then given to the one who lost the property. The foreclosure records would show who received the funds...although this is not the type of thing most lenders wouldn't reveal and account for...when demanding any remaining amounts from you.If not enough money was generated to pay off a lender in full, the lender can (and generally do) seek other methods (garnishment, etc) to recover whatever their loss is...the debt is not forgiven...only the original collateral on it is no longer available.**I Disagree.** Not in Missouri. A 2nd mortgage foreclosure sale event does not directly affect the 1st which remains a lien against the real estate. (Larry)
A lender might not know at the time the credit is pulled but it may show on the title report. Depending on the state, a title report can show any and all bankrupcies and/or judgments against a person. If any money is outstanding from the foreclosure,it may be found inthe judgments.
the second mortgage is based on the house as collateral. If the house is gone, the bill is due. It is not an unsecured line of credit. When the house goes the 2nd has to be paid in full or it will count against you. The only way around this is to get another line of credit/cash somewhere and pay it in full.
A foreclosure is reported under the name of the borrower(s).A foreclosure is reported under the name of the borrower(s).A foreclosure is reported under the name of the borrower(s).A foreclosure is reported under the name of the borrower(s).
Never get a second mortgage --- only if you want to keep your house. 2nd mortgagees can foreclose on you
The courts don't report public records, there is a third party entity that obtains public records from the courts and sells the info to the credit reporting agencies. So usually about 30 to 60 days, they update every 30 days, so if they miss you on the first go round they'll get you on the the second or third try.
Depends on the state. In many states the holder of the second mortgage can come after you for the balance due. If the second is from the same company that holds the first that may not be as likely. It really depends on your state and whether the lending institution has the right to pursue you for the balance between what they eventually sell the house for and what you owed. Check to see if your state is a deficiency state and then talk to an attorney.
AnswerAll mortgages are eliminated in foreclosure.The position of the the mortgage - which is virtually always determined by who recorded their lien first - determines the order of who gets paid the money received by the successful bidder at the foreclosure auction.The amount of the debt (which includes the unpaid principal, back payments, interest, late fee's, costs of collection/foreclosing, etc) of the one in 1st position gets the money up to the amount owed. If there is any additional amount received by the sale, it is dispersed down the list until all are paid, and any remaining is then given to the one who lost the property. The foreclosure records would show who received the funds...although this is not the type of thing most lenders wouldn't reveal and account for...when demanding any remaining amounts from you.If not enough money was generated to pay off a lender in full, the lender can (and generally do) seek other methods (garnishment, etc) to recover whatever their loss is...the debt is not forgiven...only the original collateral on it is no longer available.**I Disagree.** Not in Missouri. A 2nd mortgage foreclosure sale event does not directly affect the 1st which remains a lien against the real estate. (Larry)
It wouldn't show up as a completed foreclosure, but it would show up. It would say "foreclosure started" or "foreclosure initiated" or something to that effect.
The mortgage company can not add another property to your existing note without you signing for it. If they have placed a lien on your property you can go to court and make them remove it. Pull your Mortgage or Deed of Trust (depending on what state you are in) and look at the addresses on it. If it does not show the second property, then they have no legal right to put a lien on it. I would go to the closing agent (title company or attorney) that originally searched the title to your property and ask them for help. in some states if you had a foreclosure on another property, the first lender can place a lien on a new property that you have bought, if that is what you are talking about.
A lender might not know at the time the credit is pulled but it may show on the title report. Depending on the state, a title report can show any and all bankrupcies and/or judgments against a person. If any money is outstanding from the foreclosure,it may be found inthe judgments.
After the foreclosure is finalized and the property has reverted back to the lender. The original mortgage loan account shows in the "credit" portion of your credit report. The industry term for its' appearance is "tradeline". Ordinarly, mortgage loans, like other types of trade lines, remain with the original creditor for 180 days after they become delinquent. This is a standard amount of time and may vary according to your specific contract. After 180 days of not being paid, creditors normally take action. If the account is for a vehicle loan, an order for repossession is put into effect; if the account is a credit card, it is "charged off" or sold/transferred to collections (either in-house or outside collection agency); if the account is a mortgage loan, foreclosure proceedings are begun. This notation is then placed on the tradeline. A foreclosure, once filed, is a legal action. A separate listing of the legal filing then gets reported in the "public records" portion of your credit report. It shows the date the legal action was filed, has a separate period of time (commencing on the filing date)for how long it can show on your credit report and now needs a disposition. So the answer to your question is that a foreclosure notation may show twice on your credit report in different areas, both when proceedings have begun and after the foreclosure has been granted. The notice of foreclosure will show as soon as the process begins. This will show in the area of the usual tradelines where the lender is listed. When the foreclosure is finalized, there will be a paid date showing on the record. There will not be any notice in the Public Records section since it is not a court record.
No, this would be nearly impossible. Because the loan is in foreclosure, the homeowners' credit is typically very low, so they will not qualify for a traditional mortgage. Many lenders simply refuse to provide a new mortgage when the house is in foreclosure. The lenders that will provide a foreclosure bailout loan base their qualifications on the equity and income. Usually the home must be 65-70% loan-to-value (LTV) to qualify for a loan. Rates are typically high (11%-20% depending on the lender), and the homeowners will need to show enough income to qualify for such a payment.
That depends on your credit rating and whether you can find a lender willing to risk loaning more money to you. That is unlikely since your current history shows you were unable to pay your mortgage. Lenders are tightening their standards in reaction to the present foreclosure crisis. It may take you several years to improve your credit record enough to qualify for a mortgage again. You also need time to build up a savings reserve for a down payment and to show you have resources to fall back on in an emergency.