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Would a surplus money action in a foreclosure be filed by the junior mortgage holder?
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∙ 12y ago
That is true
Wiki User
∙ 12y ago
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Does it count as a foreclosure if you already filed bankruptcy?
Yes, a BK does not negate foreclosure action it simply delays it. For the homeowner to avoid such action they must reach a solution such as reaffirmation of the lending contract with the mortgage holder.
What happens if the mortgage was defaulted and the bank foreclosed but the mortgage was held by investment bankers who bought your loan as part of security investment?
There should be an assignment on record in the land records. The foreclosure must be done by the mortgage holder of record.If the mortgage was assigned by a written and recorded assignment the foreclosure must be done by the assignee.There should be an assignment on record in the land records. The foreclosure must be done by the mortgage holder of record.If the mortgage was assigned by a written and recorded assignment the foreclosure must be done by the assignee.There should be an assignment on record in the land records. The foreclosure must be done by the mortgage holder of record.If the mortgage was assigned by a written and recorded assignment the foreclosure must be done by the assignee.There should be an assignment on record in the land records. The foreclosure must be done by the mortgage holder of record.If the mortgage was assigned by a written and recorded assignment the foreclosure must be done by the assignee.
If the first mortgage holder is being paid can a 2nd mortgage holder attach the bank account of an individual living on a modest SS and retirement or file foreclosure on the home?
Yes to both.
What happens in foreclosure if you have filed bankruptcy?
In most cases, foreclosure action is suspended until the BK is ruled upon either by discharge or dismissal. The mortgage holder may request a stay from BK proceedings, if it is granted the foreclosure process as defined by the laws of the state in which the residence is located will continue.
How does bankruptcy stop foreclosure?
The bankruptcy stay prevents any action by the lender until the BK is finalized. Be advised that a mortgage lender can petition the court to have said stay lifted so foreclosure proceedings can continue. That rarely happens though. Unless the debtor reaches an agreement with the mortgage holder to reafirm the lending agreement the foreclosure will likely occur after the BK discharge.
Does it count as a foreclosure if you already filed bankruptcy?
Yes, a BK does not negate foreclosure action it simply delays it. For the homeowner to avoid such action they must reach a solution such as reaffirmation of the lending contract with the mortgage holder.
What happens if the mortgage was defaulted and the bank foreclosed but the mortgage was held by investment bankers who bought your loan as part of security investment?
There should be an assignment on record in the land records. The foreclosure must be done by the mortgage holder of record.If the mortgage was assigned by a written and recorded assignment the foreclosure must be done by the assignee.There should be an assignment on record in the land records. The foreclosure must be done by the mortgage holder of record.If the mortgage was assigned by a written and recorded assignment the foreclosure must be done by the assignee.There should be an assignment on record in the land records. The foreclosure must be done by the mortgage holder of record.If the mortgage was assigned by a written and recorded assignment the foreclosure must be done by the assignee.There should be an assignment on record in the land records. The foreclosure must be done by the mortgage holder of record.If the mortgage was assigned by a written and recorded assignment the foreclosure must be done by the assignee.
What to do if you mortgage holder sends your payment back and because they did it puts you in foreclosure?
get an attorney.
If the first mortgage holder is being paid can a 2nd mortgage holder attach the bank account of an individual living on a modest SS and retirement or file foreclosure on the home?
Yes to both.
What happens in foreclosure if you have filed bankruptcy?
In most cases, foreclosure action is suspended until the BK is ruled upon either by discharge or dismissal. The mortgage holder may request a stay from BK proceedings, if it is granted the foreclosure process as defined by the laws of the state in which the residence is located will continue.
How does bankruptcy stop foreclosure?
The bankruptcy stay prevents any action by the lender until the BK is finalized. Be advised that a mortgage lender can petition the court to have said stay lifted so foreclosure proceedings can continue. That rarely happens though. Unless the debtor reaches an agreement with the mortgage holder to reafirm the lending agreement the foreclosure will likely occur after the BK discharge.
If your first original mortgage is current can a second mortgage foreclose?
Yes. Any lien holder can initiate foreclosure proceedings when their lien is in default.
If payments have been made to the second mortgage holder but not to the first Mortgage holder can the first mortgage holder reclaim any of those payments from the second mortgage holder?
No. However, in the case of a foreclosure sale (or any sale), the first lien holder will always be made whole (paid completely) before any sale proceeds are applied to the subordinate liens.
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
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.
If there is a mortgage on property and the mortgagor failed to pay the amount loaned at a given time what shall be do?
just as in any mortgage situation, the holder of the mortgage, once a default has ocurred, has the legal right to commence a foreclosure action in county court. an action to foreclose a mortgage generally begins with the filing of the summons/ complaint and the lis pendens. the lis pendens is a document that is filed so as to attach real property to the proceeding, and puts the world on notice that a foreclosure is ongoing and directly affects title to the property
Can the second mortgage holder force the sell of your home?
Yes. If you do not pay the 2nd mortgage, you can lose your home in a foreclosure sale. The difference between the first and 2nd mortgage holder in that case varies according to the unit of government. The law in the United States is according to state law. At one time in this state, the first mortgage holder had certain rights concerning whether or not to foreclose. There was a time period when the first mortgage holder had the chance to try to sell the first mortgage or something like that. I have not kept up with all the changes in the law involving second mortgages. Still, when there is a foreclosure, the first mortgage holder gets paid off first. If there is anything left, the second mortgage holder gets paid. Some commercial property has as much as a fifth mortgage.
