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Who pays off your first lien mortgage holder when you are being foreclosed on by the homeowners association?
Wiki User
∙ 9y ago
The process of distributing the funds received from a foreclosure should be part of the foreclosure documentation and process. You can find the answer you want in those instruments.
Wiki User
∙ 9y ago
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If the condo is foreclosed on during the lien can you be sued for the lien amount after the condo has been foreclosed on?
You are responsible for all debits to the Association and Mortgage holder until the unit is sold. If the unit is sold the New owner get to pay your bad debit, the mortgage company will hold you responsible for any difference between the sales price and what is owed.
Who do you contact to get the excess money after foreclosure auction?
You should contact the mortgage holder. They would be the ones that foreclosed and will have the remainder.
Do I need homeowners Insurance after I pay off my mortgage?
Only a lien holder can require a borrower to carry insurance.
What is the difference between a mortgage lender and a mortgage noteholder?
Mortgage lenders provide the actual money for the loan and take homeowners through the funding/approval process. Mortgage lenders may sell your mortgage to an investment bank after it is funded, and that investment bank becomes the note holder. Any bank that buys your mortgage after it is funded becomes the note holder.
What recourse does a second mortgage holder have when the first mortgage goes into foreclosure?
Hate to tell you, but in my state (WA), if a senior deed of trust or mortgage is foreclosed, then the inferior/junior mortgages and/or deeds of trust are foreclosed as well. That means that you have no recourse subsequent to a foreclosure. I suggest seeing an attorney immediately (see the phone book for one who gives "free consultations").
With second mortgage holder asking the homeowner to sign a deficiency judgment isn't this lien dropped if the home is foreclosed and goes to public auction?
HOMEOWNER SHOULD SIGN NOTHING...the 2nd mortgage is cut off in the foreclosure action against the 1st mortgage as it affects real property...if the 2nd mortgager holder is looking for a signature, then they should get it from the judge
Your home recently foreclosed you had a first and second loan The first loan handled the foreclosure487k now you are left with the second loan 117K What happens now?
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.
Who is resposible for the assumable loan if it foreclosed on?
the original loan holder
How can you buy a house after it has been foreclosed and not sold at auction?
You can contact the lender or lien holder who foreclosed on the property and make your offer to them.
What happens to the first mortgage when the second mortgage is foreclosed on?
It depends....the 2nd mortgage holder can buy out your first mortgage and then foreclose on the entire property , the chances are higher of this happening is the 2nd mortgage is kinda large or if they are held by the same lender. If the 2nd mortgage holder decides not to buy the first mortgage out then typically nothing with happen because the first mortgage holder is in control. The 2nd mortgage cannot foreclose on the first mortgage so keep the first mortgage payments current.If the 2nd does not buyout the first then the lien with remain on the property and you will be require to pay it off if you sell or refinance the property down the road.Mortgage loan officer PAIn Texas the law is: http://www.avvo.com/legal-answers/tx-foreclosure-second-trust-deed-4498.html
Can a second mortgage holder foreclose on a first bank mortgage holder?
yes, but it rarely happens.
How does paying off your mortgage affect the cost of obtaining homeowners insurance?
Depending on the insurance company they may give you a discount, usually 5- 10%. In essence when you have a mortgage on a property the insurance company notes it on your homeowners policy and sends a letter to the mortgage holder providing proof that you have protected their (your house) asset by insuring it. Discounts that may be available: Mortgage Free, Monitored Alarm Discount, Multi Policy, Claims Free, Senior.
