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Yes, but it would be very unlikely you would be able to keep your home as it is the collateral the loan was made against.

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15y ago

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Related Questions

What percentage of Americans have second mortgages on their homes?

It is difficult to determine the percentage of Americans who have second mortgages on their homes as this number is constantly changing. Many Americans have taken out second mortgages.


Can banruptcy get rid of back child support?

no


Which banks give second home mortgages?

People that are looking to get a mortgage for a second home don't have to look far. Almost every bank that gives out mortgages can help out in this case.


Where can a second mortgage be obtained?

There are a number of financial businesses that may offer second mortgages, depending on an individual's circumstances. Natwest and Chelsea Building Society are two that offer second mortgages. The Money website can give comparisons on second mortgage rates.


What are the laws regarding second mortgages?

Second mortgages are loans taken out on a property that is already mortgaged. The laws regarding second mortgages vary by jurisdiction, but generally, they give the lender the right to foreclose on the property if the borrower defaults on the loan. It's important to carefully review the terms of the second mortgage agreement and understand the legal implications before proceeding.


Are second mortgages a good idea for people struggling with finances?

Second mortgages are usually taken out by people who need a little extra money to get by with bills or a little cushion in savings. Its only advised to take out a second mortgage if the money is desperately needed.


What is the difference between a second mtg and a junior mtg?

A second mortgage is a loan taken out on a property that already has a primary mortgage, allowing the homeowner to access more funds, typically with higher interest rates. A junior mortgage, on the other hand, refers to any mortgage that is subordinate to another mortgage, meaning it has lower priority for repayment in the event of foreclosure. Essentially, all second mortgages are junior mortgages, but not all junior mortgages are necessarily second mortgages, as they can include other types of loans secured by the property.


Are second mortgages required to be recorded in Official Records in Florida?

ALL mortgages/liens on property have to be recorded. If they don't record then they can loose their position ( ie... first, second, third). That would not be good for them. They also can not foreclose thru the courts.


Can you have two mortgages for one property?

Yes. It is possible to have a mortgage and get a second mortgage on the same property. In some cases there are more than two mortgages on a single property.


Can you file banruptcy on federal taxes?

You can't. Bankruptcy does not forgive you for federal taxes.


How does one get a quote from Second Mortgages California?

To get a quote from Second Mortgages California, one needs to go to their webpage to fill out an application form which asks general questions such as your name, phone number and what type of product you are looking for. Soon after, an employee from the company will contact you.


Can you claim your car loan interest at 2008 IRS tax return?

No, personal interest is not deductible...only interest on qualifying home mortgages.