You would go through a title company who would manage the sale. That would include making sure there is a clean title, assertaining how much you are paying and then arranging for your money (cash or your own loan from a bank) to be paid on the remainder of his mortgage. Otherwise, you could pay into his mortgage loan and get no credit or ownership in the home, which would be a scam. Most mortgages are not transferable these days.
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 -
A secured homeowner loan basically lets you borrow against the equity you already have in your home. If you are in need of this type of product you should check with your mortgage company first.
This question would be better answered by someone in the finance/mortgage industry. As far as the first part of the question is concerned, the first mortgage wouldn't be paid off unless the homeowner had made arrangements to have it paid off in the event of their death. A life insurance or mortgage protection insurance policy would be necessary to do this. As far as the second part of the question, I have no idea who is or is not responsible for paying that mortgage. I would think that the home would be sold, the 2nd mortgage paid, and the remainder of the money would go to the beneficiaries of the estate. You should also check to see if the homeowner had a standard mortgage, or if they were using a reverse mortgage. Reverse mortgages are becoming increasingly common among retired persons.
Typically, they will call the homeowner before the first payment is behind to remind the home owner that a payment is due. - VoyageHomeLoans
Yes, assuming you have enough equity in the home to get a line of credit. But, if you had enough equity there should not be any PMI. 4lifeguild
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 -
A secured homeowner loan basically lets you borrow against the equity you already have in your home. If you are in need of this type of product you should check with your mortgage company first.
There are a number of common considerations one should think about when becoming a first time homeowner. The price one is willing to pay, and the size of the property is a major consideration, as is whether one needs a loan or mortgage.
You can't subordinate a mortgage. One bank, the senior lender, sometimes subordinates their mortgage to a bank who is giving the homeowner a new mortgage. The subordination gives the new mortgage first place and the old mortgage becomes the second mortgage.
Yes. The mortgage exists as collateral for the second mortgage loan. If the second mortgage loan is not satisfied at the foreclosure sale, the second mortgage lender merely loses the collateral but not the loan and it can sue the now former homeowner for the unpaid balance. This is no different than if there is insufficient money from the sale to pay the first mortgage holder in full. The first mortgage hold can file a lawsuit later to recover the deficiency between the actual loan amount and all credits the homeowner is entitled to receive.
This question would be better answered by someone in the finance/mortgage industry. As far as the first part of the question is concerned, the first mortgage wouldn't be paid off unless the homeowner had made arrangements to have it paid off in the event of their death. A life insurance or mortgage protection insurance policy would be necessary to do this. As far as the second part of the question, I have no idea who is or is not responsible for paying that mortgage. I would think that the home would be sold, the 2nd mortgage paid, and the remainder of the money would go to the beneficiaries of the estate. You should also check to see if the homeowner had a standard mortgage, or if they were using a reverse mortgage. Reverse mortgages are becoming increasingly common among retired persons.
Not without due process of law, which means filing a lawsuit, winning, applying for a writ of judgment and executing the judgment as a lien against a vehicle. Assuming state laws allows it under the circumstances, it would also depend on the vehicle being owned or still under financing.
Typically, they will call the homeowner before the first payment is behind to remind the home owner that a payment is due. - VoyageHomeLoans
Yes, assuming you have enough equity in the home to get a line of credit. But, if you had enough equity there should not be any PMI. 4lifeguild
You should first consult with you bank to see if you qualify for a loan modification. If this is not available you should find a licensed mortgage broker in your area to find private financing.
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.