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Can a mortgage company sue for the entire amount of a second mortgage after foreclosure even though they received money to cover the first and some of the second after the sale of the property?
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.
How can you find more information about a second home mortgage loan?
A second mortgage is a home-secured loan taken out while the original, or first, mortgage is still being repaid. Here’s what you need to know: Definition: A second mortgage is a lien taken out against a property that already has a home loan on it. Unlike other types of loans, such as auto loans or student loans, you can use the money from your second mortgage for almost anything. Second mortgages also offer interest rates that are much lower than credit cards. Home Equity: Your home equity determines how much money you can get when you take out a second mortgage. It’s the portion of your home that you’ve paid off. Calculating your home equity is relatively easy: subtract the amount you’ve paid toward the principal balance of your home from the total amount you borrowed. For example, if you bought a home worth $200,000 and you’ve paid off $60,000 (including your down payment), you have $60,000 worth of equity in your home. Uses: Homeowners might use a second mortgage to finance large purchases like college expenses, a new vehicle, or even a down payment on a second home. Alternatives: Consider other financing alternatives, such as a personal loan or cash-out refinance, which could be better choices depending on your specific needs.
Are there any negatives to a married couple having only one person in the marriage on a home loan?
Yes there are... if the person that is on the mortgage dies in a car wreck or something then the spouse will have a difficult time claiming the house unless the house was put in a will to the other who isn't on the mortgage. The house could go in default of payment and the spouse not on the mortgage wouldn't necessarily know about it.
Do you have to pay anything after the foreclosure if the second mortgage wasn't covered?
Yes. As the debt holder you are required to pay for both the first and second mortgage. Both debt instruments are secured by the home, however they are considered independent where the first mortgage was held by a mortgage finance company and the second was held by a bank. If the first mortgage is paid by means of the sale of the home to another entity via auction or some other means, unless the balance of the second mortgage is covered in the process, this leads to a situation where the first mortgage loan holder walks away happy with the debt paid, leaving you with the balance of the second mortgage to pay yourself. Usually, a deal can be worked out with the second mortgage creditor where you can pay less on the mortgage balance than the full balance if you make a lump sum payment to close the debt. This is usually in their best interests as the debt is no longer secured by the home. When you do this, be warned, that the discount that they give you will come to hit your around tax time as this discount is considered a taxable credit. If you find yourself in this situation, make yourself a part of the solution in the eyes of your creditor and get to know your creditor on a first name basis. Do not stop making payments, and if you have... start, and let them know that you are trying to work with them to do the right thing. This will help you keep the debt that is owed out of collections and save the situation from impacting your credit score.
Where can a person go to get tips on how to finance options including a loan or home mortgage?
If the person already is a customer of a bank, it makes sense to start there, since they already know information about the person's finances, and presumably the person already trusts them with financial matters.
Can a mortgage company sue for the entire amount of a second mortgage after foreclosure even though they received money to cover the first and some of the second after the sale of the property?
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.
How can you find more information about a second home mortgage loan?
A second mortgage is a home-secured loan taken out while the original, or first, mortgage is still being repaid. Here’s what you need to know: Definition: A second mortgage is a lien taken out against a property that already has a home loan on it. Unlike other types of loans, such as auto loans or student loans, you can use the money from your second mortgage for almost anything. Second mortgages also offer interest rates that are much lower than credit cards. Home Equity: Your home equity determines how much money you can get when you take out a second mortgage. It’s the portion of your home that you’ve paid off. Calculating your home equity is relatively easy: subtract the amount you’ve paid toward the principal balance of your home from the total amount you borrowed. For example, if you bought a home worth $200,000 and you’ve paid off $60,000 (including your down payment), you have $60,000 worth of equity in your home. Uses: Homeowners might use a second mortgage to finance large purchases like college expenses, a new vehicle, or even a down payment on a second home. Alternatives: Consider other financing alternatives, such as a personal loan or cash-out refinance, which could be better choices depending on your specific needs.
Would you be in trouble if you had to get second mortagages?
In today's market a second mortgage is probably not a good idea. The economy is still eratic and as you know failure to pay the second off results in the loss of your home.
Are there any negatives to a married couple having only one person in the marriage on a home loan?
Yes there are... if the person that is on the mortgage dies in a car wreck or something then the spouse will have a difficult time claiming the house unless the house was put in a will to the other who isn't on the mortgage. The house could go in default of payment and the spouse not on the mortgage wouldn't necessarily know about it.
Do you have to pay anything after the foreclosure if the second mortgage wasn't covered?
Yes. As the debt holder you are required to pay for both the first and second mortgage. Both debt instruments are secured by the home, however they are considered independent where the first mortgage was held by a mortgage finance company and the second was held by a bank. If the first mortgage is paid by means of the sale of the home to another entity via auction or some other means, unless the balance of the second mortgage is covered in the process, this leads to a situation where the first mortgage loan holder walks away happy with the debt paid, leaving you with the balance of the second mortgage to pay yourself. Usually, a deal can be worked out with the second mortgage creditor where you can pay less on the mortgage balance than the full balance if you make a lump sum payment to close the debt. This is usually in their best interests as the debt is no longer secured by the home. When you do this, be warned, that the discount that they give you will come to hit your around tax time as this discount is considered a taxable credit. If you find yourself in this situation, make yourself a part of the solution in the eyes of your creditor and get to know your creditor on a first name basis. Do not stop making payments, and if you have... start, and let them know that you are trying to work with them to do the right thing. This will help you keep the debt that is owed out of collections and save the situation from impacting your credit score.
Where can a person go to get tips on how to finance options including a loan or home mortgage?
If the person already is a customer of a bank, it makes sense to start there, since they already know information about the person's finances, and presumably the person already trusts them with financial matters.
If your home is foreclosed on are you still liable for the mortgage?
To answer this we would need to know where the home is. States such as California only allow lenders one action, which is usually the foreclosure. After that they can not be persued. A second mortgage however, may persue if they did not do the foreclosure. Other states allow for deficiency balances to be persued through collection actions and the courts.
Can a second mortgage foreclose without letting the first mortgage know?
The only way would be for the 2nd mortgage holder to "buy out" or "pay off" the 1st mortgage holder. Even then, I believe most states require that the 1st mortgage holder receive notification.
Do you know how a reverse mortgage works?
A reverse mortgage works by allowing someone to borrow against their home equity. The money does have to be paid back, though
What should one know before they refinance a home?
Before a homeowner refinances a home, they should consider how much less a mortgage payment will be after a refinance. They should also consider the differences between a fixed rate mortgage and an ARM mortgage rate. These factors can dictate how long it will take to repay a mortgage.
What is the portion of a home's purchase price paid in cash is not part of the mortgage loan?
Don’t know
How does one know when it is time to refinance their house mortgage?
The best time to refinance your home's mortgage is when you believe that you have paid enough on your current mortgage to try to haggle for a lower rate. Usually several years.
