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If one owns the 1st home as the primary home and owns a 2nd home for family to live in - can the 2nd home still be considered as a primary residency home and not an investment property?
simple answer is no. The home can be considered as a second home if it is at least 50 miles from the primary residence. Otherwise it has to be treated as a investment.
Can a first mortgage foreclose with a second?
Yes. The second is subordinate to the first mortgage and therefore is at greater risk. If equity exists, the 2nd mortgage holder may receive payment for the debt when a senior lender forecloses. If there is not, then their lien on the property is wiped out and they must pursue the borrower in another fashion (such as a lawsuit). If the 2nd mortgage lender does not want the 1st lender to foreclose, they may choose to pay the 1st mortgage current before the foreclosure proceeds and attempt to collect or foreclose themselves.
How would one apply for 2nd home mortgages?
Application for a second mortgage is much the same as for the first. The primary difference is that with the application for a second mortgage, most major incentive plans such as the Home Affordable Refinance Package (HARP) are not available.
What happens to the first mortgage when the second mortgage is foreclosed on?
It depends....the 2nd mortgage holder can buy out your first mortgage and then foreclose on the entire property , the chances are higher of this happening is the 2nd mortgage is kinda large or if they are held by the same lender. If the 2nd mortgage holder decides not to buy the first mortgage out then typically nothing with happen because the first mortgage holder is in control. The 2nd mortgage cannot foreclose on the first mortgage so keep the first mortgage payments current.If the 2nd does not buyout the first then the lien with remain on the property and you will be require to pay it off if you sell or refinance the property down the road.Mortgage loan officer PAIn Texas the law is: http://www.avvo.com/legal-answers/tx-foreclosure-second-trust-deed-4498.html
Can a primary mortgage be classified as a home equity loan?
Yes. There are 2 ways to refer to a mortgage loan: 1) Lien position on the title (1st mortgage, 2nd mortgage) 2) Product type (loan type: 1st mortgage, home equity loan, home equity credit line) If you only need to borrow $10,000 for example, this will not meet the minimum loan amount for a first mortgage with most lenders. Therefore you may obtain a "home equity loan" which is more often used as a second mortgage, but it will be the primary loan on the home.
If you let second home foreclose can they take the other home?
no, its limited to the home that is foreclosed on. Thus, risk based pricing is how mortgages are rated or priced. Historical evidence / statistics show that people let their investment properties go to foreclosure before their 2nd homes and primary residences, and 2nd homes go before the primary...
Will the court put a lien on your 1st home if you foreclose on a second home?
If a foreclosure is necessary for a 2nd home, will a lien be put on the first home?
Can a 2nd Mortgage foreclose even if the first is not?
YES
If one owns the 1st home as the primary home and owns a 2nd home for family to live in - can the 2nd home still be considered as a primary residency home and not an investment property?
simple answer is no. The home can be considered as a second home if it is at least 50 miles from the primary residence. Otherwise it has to be treated as a investment.
Is green tree financial affiliated with Bank of America?
Good question. Last year Bank of America transferred the servicing of the 2nd mortgage I had on a home that foreclose to Green Tree. BOA did this after foreclosure and Green tree is after me for the remaining deficiency balance even though I have no home!
Do i qualify for the tax credit if i bought my house as 2nd home but actually live in it?
The key here is this. Is the second purchase your PRIMARY residence? If you live in the home 24/7...not a vacation home...you use this address for your mail and primary residence, then it IS your primary residence. That fulfills the obligation in the rules for the tax credit.
Do property taxes go up on your primary residence if you buy a 2nd home?
They are independent properties and there should be no effect on taxes on the primary residence as long as it continues to meet the requirements for a primary residence.
Can a first mortgage foreclose with a second?
Yes. The second is subordinate to the first mortgage and therefore is at greater risk. If equity exists, the 2nd mortgage holder may receive payment for the debt when a senior lender forecloses. If there is not, then their lien on the property is wiped out and they must pursue the borrower in another fashion (such as a lawsuit). If the 2nd mortgage lender does not want the 1st lender to foreclose, they may choose to pay the 1st mortgage current before the foreclosure proceeds and attempt to collect or foreclose themselves.
You own rental properties in pa but your primary residence is in fli recently you purchased a 2nd home in pa are you eligible for per diem deduction?
For WHAT?
If 1st is primary 2nd is secondary what is 3rd?
tertiary
Which is the largest primary tooth?
Mandibular 2nd Molar
Municipal service commission primary teachers recruitment examination on 2nd aug09 result?
Municipal service commission primary teachers recruitment examination on 2nd aug09 result?
