You are responsible for paying off mortgages you granted on your property. Any buyer would have the title examined, the mortgages would be disclosed and the proceeds of the sale would be used to pay off the mortgages before you get any surplus. If you want the buyer to take the property subject to the mortgages you must make arrangements with the bank IF it agrees to allow the assumption of the mortgages. Most lenders do not. If the mortgages aren't paid the bank will foreclose, take possession of the property and go after you for any deficiency. Your credit will be ruined.
In almost every state, the answer is "NO".
California is a non recourse state for your first mortgage. Be aware any form of second mortgage you will still be liable for.You may also be liable on the first mortgage if you have refinanced your original purchase mortgage.
The second mortgage holder typically needs to approve the first mortgage refinance because they hold a subordinate position to the first mortgage. Refinancing the first mortgage could impact the second mortgage holder's position, so their consent is often required to make changes to the primary loan.
The biggest problem with second mortgage foreclosures is that you can lose your home even if you are still current on your first mortgage. The second mortgage, if defaulted on supersedes you first mortgage.
If the second mortgage is in default the second mortgagee can foreclose and take possession of the property subject to the first mortgage.
A homeowner take out a second mortgage if they are struggling to pay off their first mortgage. You can read more at www.bostonapartments.com/mortgage/second-mortgage/second-mortgage.html -
you then only have to pay the second
the main risk is that the first mortgage will not be paid. if the first mortgage is not paid, goes into default, and is foreclosed, the second mortgage will be determined in the foreclosure sale.
A second mortgage is not included in a Statue of Limitation law. Explain more about your first mortgage, and I will be able to tell you what will happen to your second mortgage.
The new bank in which the refinance mortgage loan has been taken from becomes the new owner of the first mortgage at the closing table. As for the second mortgage, the second mortgage holder remains the same. Before the first mortgage can close with the new lender, however, they must agree to re-subordinate the second mortgage along with their new one. It is not uncommon. I hope this information helps. Best of luck! Regards, Total Mortgage Services
You should review your first mortgage document for any requirement that the lender must be notified before you execute a second mortgage. If there is no clause to that effect then the answer is no.
First, it is unclear how you know the mortgage company received money toward the second mortgage from the foreclosure of the first mortgage. The lender can sue for the second mortgage. You should consult with an attorney who can seek documentation from the lender to support the amount they are suing you for.First, it is unclear how you know the mortgage company received money toward the second mortgage from the foreclosure of the first mortgage. The lender can sue for the second mortgage. You should consult with an attorney who can seek documentation from the lender to support the amount they are suing you for.First, it is unclear how you know the mortgage company received money toward the second mortgage from the foreclosure of the first mortgage. The lender can sue for the second mortgage. You should consult with an attorney who can seek documentation from the lender to support the amount they are suing you for.First, it is unclear how you know the mortgage company received money toward the second mortgage from the foreclosure of the first mortgage. The lender can sue for the second mortgage. You should consult with an attorney who can seek documentation from the lender to support the amount they are suing you for.