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What is the difference between a first lien and second lien mortgage underwriting process?
A second lien mortgage occurs when a lender is willing to impose a lien on an asset that already carries a lien with another creditor. An example of a second lien mortgage is a second mortgage being taking out for property. If a person does not make payments to either lender, the first mortgage is settled before the second mortgage can be settled,
What is the difference between renting a property and having a mortgage?
The difference between renting a property and having a mortgage is that when you have a mortgage you are buying the property.
What is a mortgage lien?
Mortgage Lien - Is a legal claim against a mortgaged property that must be paid or assumed when the property is sold. The person who has the lien on the property can claim the property if the loan defaults. The mortage lien typically belongs to the lender in order to secure the mortgage loan.
If your first original mortgage is current can a second mortgage foreclose?
Yes. Any lien holder can initiate foreclosure proceedings when their lien is in default.
Why would a mortgage release be on public record file?
A mortgage is a lien on the property that is recorded in the land records to notify other creditors or buyers that the property has been put up as collateral for a loan. When the mortgage is paid off the lien must be released by a mortgage discharge recorded in the land records.A mortgage is a lien on the property that is recorded in the land records to notify other creditors or buyers that the property has been put up as collateral for a loan. When the mortgage is paid off the lien must be released by a mortgage discharge recorded in the land records.A mortgage is a lien on the property that is recorded in the land records to notify other creditors or buyers that the property has been put up as collateral for a loan. When the mortgage is paid off the lien must be released by a mortgage discharge recorded in the land records.A mortgage is a lien on the property that is recorded in the land records to notify other creditors or buyers that the property has been put up as collateral for a loan. When the mortgage is paid off the lien must be released by a mortgage discharge recorded in the land records.
What is the difference between a first lien and second lien mortgage underwriting process?
A second lien mortgage occurs when a lender is willing to impose a lien on an asset that already carries a lien with another creditor. An example of a second lien mortgage is a second mortgage being taking out for property. If a person does not make payments to either lender, the first mortgage is settled before the second mortgage can be settled,
When a mortgage is forclosed with federal tax lien does the lien get paid prior to mortgage?
yes
What is the difference between renting a property and having a mortgage?
The difference between renting a property and having a mortgage is that when you have a mortgage you are buying the property.
How can you volunteer give a lien on your house in AZ?
A voluntary lien would be a mortgage.A voluntary lien would be a mortgage.A voluntary lien would be a mortgage.A voluntary lien would be a mortgage.
If the condo is foreclosed on during the lien can you be sued for the lien amount after the condo has been foreclosed on?
You are responsible for all debits to the Association and Mortgage holder until the unit is sold. If the unit is sold the New owner get to pay your bad debit, the mortgage company will hold you responsible for any difference between the sales price and what is owed.
What is the difference between vacate and satisfaction of a lien?
The difference between vacate and satisfaction of a lien is the way in which it was surrendered. During a vacate of a lien, the creditor is releasing the lien on a loan, usually because of a full repayment. The satisfaction of a lien would be like a repossession for non payment to a creditor.
What is the Difference between a Junior Mortgage and a second mortgage?
The difference is really all in how the loans were originated. A junior mortgage refers to the lien placement on the property title. A second mortgage means a mortgagor has more than one loan on a property with the same lender. For example, If I purchase a home (assuming the title is clean and there are no liens on the title) and get the loan with ABC Bank then ABC Bank is considered the senior mortgage. If I obtain another loan with ABC Bank most commonly a HELOC or Home Equity Line of Credit then it is a second mortgage in second position. Let's say that after I obtained the second loan with ABC Bank, I chose to take out a smaller loan against the property with XYZ Bank. That loan will be considered a junior lien. The loans won't always fall that clean on the title however. You can have a junior lien between a senior lien and second mortgage. In the example above if the XYZ Bank loan was taken out before the second mortgage with ABC Bank then it would still be called a junior lien and the second mortgage with ABC Bank would be the second mortgage with ABC Bank but in third position. Hope that helps!
What is the Difference between a mechanic's lien and an artisan's lien?
Artisans lien is against personal property and is possessory. Mechanic's lien relates to real property.
Can a lien be put on your home if you have no mortgage?
Yes, a lien is put on your home because you have liability and it doesn't matter whether you have mortgage or not.
Is a subordination agreement a mortgage or a lien?
A subordination agreement is usually used to gain consent from one lien holder to take a junior position to another lien holder. It isn't by itself a mortgage or a lien.
What is a mortgage lien?
Mortgage Lien - Is a legal claim against a mortgaged property that must be paid or assumed when the property is sold. The person who has the lien on the property can claim the property if the loan defaults. The mortage lien typically belongs to the lender in order to secure the mortgage loan.
To transfer your mortgage to another property?
You can't 'transfer' your mortgage to another property. The bank owns the mortgage lien. You would need to negotiate with the bank to modify its lien.
