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How long can a second mortgage company try to collect on a foreclosed loan?
This answer will vary by state and depends on the situation. In one-action states such as California, if a lender foreclosed they cannot pursue the borrower further. If a first foreclosed the second is free to persue the borrower. In California the statute of limitations for collection of a debt is 7 years.
What happens to second mortgage if first mortgage is foreclosed?
If the first mortgage is foreclosed the second mortgage lien gets wiped off the property by the foreclosure so the property can be sold free and clear of the second mortgage. However, the mortgagor still owes the debt to the lender and the lender can pursue collection of the amount due by a civil lawsuit.
If you are selling your house do you have to pay off your second mortgage or can you keep making payments?
When you sell your home all liens against the property have to be paid so you will have to pay off the second mortgage at the closing.
Can 2nd mortgage collect after auction?
No. Once the first mortgage or deed of trust is foreclosed, the second mortgage and any inferior liens are voided.
When a second mortgage is in foreclosure does the first mortgage show as a foreclosure?
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.
How can someone get a second mortgage loan if they have bad credit?
One can demonstrate that they are now handling money more responsibility. One could do this by making payments on time and start making payments in full.
What can a lender do when the second mortgage is not paid in full due to foreclosure?
Assuming that the FIRST mortgage was foreclosed, a foreclosure wipes out any mortgages that were recorded after the foreclosed mortgage.
How long can a second mortgage company try to collect on a foreclosed loan?
This answer will vary by state and depends on the situation. In one-action states such as California, if a lender foreclosed they cannot pursue the borrower further. If a first foreclosed the second is free to persue the borrower. In California the statute of limitations for collection of a debt is 7 years.
If you send two payments every month do you pay interest on both payments?
I doubt it. You would be paying down your balance and shortening the actual lenght of time you are making payments. The second payment is probably being applied to your principal and this benefits you by paying down what you owe.
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.
What happens to second mortgage if first mortgage is foreclosed?
If the first mortgage is foreclosed the second mortgage lien gets wiped off the property by the foreclosure so the property can be sold free and clear of the second mortgage. However, the mortgagor still owes the debt to the lender and the lender can pursue collection of the amount due by a civil lawsuit.
If you are selling your house do you have to pay off your second mortgage or can you keep making payments?
When you sell your home all liens against the property have to be paid so you will have to pay off the second mortgage at the closing.
What rights are available to the person that has a lien second to the bank on a property that has already sold at a foreclosure sale?
Hate to tell you, but in WA, none. The senior lien has already foreclosed, any any junior lien (including deed of trust or mortgage) was foreclosed with it.
If your home mortgage is foreclosed and you have a second mortgage do you have to pay the second?
Yes. Any junior liens on the property are extinguished, but the debts themselves still remain (it may be hard to enforce them, though).
What risk is inherent in second mortgage loans?
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.
Can 2nd mortgage collect after auction?
No. Once the first mortgage or deed of trust is foreclosed, the second mortgage and any inferior liens are voided.
If you paid child support through direct payments but your ex won't credit you what can you do?
You can return to the venue that issued the order and ask them to give you credit. You will probably end up making these payments a second time. NEVER GIVE YOUR CHILD SUPPORT PAYMENTS DIRECTLY TO THE OBLIGOR. Hire baseball player to take a bat upside your head see link below
