The Keywords or main terms of a first mortgage are "Mortgage", "Lender", "default", "liens", "property", "borrow", "collateral", "risk", "contract" and secondary words for the matter could be "Agent", "Money" and "banks".
To qualify for a business mortgage, or a commercial mortgage loan, you would first need to qualify in terms of credit. You would also need to be able to fulfill terms of repayment through proof of income.
What does LP menas in mortgage terms
The buyer of a second mortgage is buying the rights of the mortgagee (lender) under the second mortgage. A buyer of a mortgage is correctly called a mortgage assignee. Therefore, the buyer of the second mortgage is subject to the first mortgage. The first mortgage needs to be paid, not "reinstated".The property remains subject to the first mortgage until it has been paid off. Even if the property is transferred to a new owner the property is subject to the first mortgage and the second mortgage if there was a second mortgage recorded in the land records. The second mortgage always remains subject to the first mortgage until the first mortgage has been paid.Note that a property subject to a mortgage is subject to all the terms of that mortgage. Mortgages have boilerplate "due on transfer" clauses. That means if there is any transfer in ownership of the property, the lender will demand payment of the mortgage in full, immediately.It sounds like you need to discuss this with an attorney who can review the details of your situation and explain your options.
change mortgage from tic to jtwrs
You can have two "second mortgages," but this is technically set up as a second and third mortgage on top of the first mortgage. I have personally seen a third mortgage on one property, but it is rare. As a lender, it is a very risky loan. The answer is no...( what ever lender records first) is a first.... it can be with 2nd mortgage terms but still be is a first lien position. I had a customer who pd off his original first mtg..then his equity second loan became his new first then he took out another loan which became 2nd..... confused yet??? anyway... What ever Lender is recorded at the court house first...is a first- reguardless of the terms or type.
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.
To qualify for a business mortgage, or a commercial mortgage loan, you would first need to qualify in terms of credit. You would also need to be able to fulfill terms of repayment through proof of income.
Go to http://www.investopedia.com/terms/f/first_mortgage.asp#axzz23Z9KmqON. It has a nice clean definition of "first mortgage" that you will find helpful.
What does LP menas in mortgage terms
The buyer of a second mortgage is buying the rights of the mortgagee (lender) under the second mortgage. A buyer of a mortgage is correctly called a mortgage assignee. Therefore, the buyer of the second mortgage is subject to the first mortgage. The first mortgage needs to be paid, not "reinstated".The property remains subject to the first mortgage until it has been paid off. Even if the property is transferred to a new owner the property is subject to the first mortgage and the second mortgage if there was a second mortgage recorded in the land records. The second mortgage always remains subject to the first mortgage until the first mortgage has been paid.Note that a property subject to a mortgage is subject to all the terms of that mortgage. Mortgages have boilerplate "due on transfer" clauses. That means if there is any transfer in ownership of the property, the lender will demand payment of the mortgage in full, immediately.It sounds like you need to discuss this with an attorney who can review the details of your situation and explain your options.
change mortgage from tic to jtwrs
If by "financing my mortgage" you mean where is the best place to find a mortgage, try www.bankrate.com. You can comparison shop and examine various mortgage companies and their products here. This site allows you to look at mortgage terms, rates and fees and you can even take the first step to apply for a mortgage.
Mortgage terms vary tremendously depending upon the type of mortgage and the company lending the money. All mortgages use the property as security and if the mortgage is not paid properly the property can be repossessed.
You can have two "second mortgages," but this is technically set up as a second and third mortgage on top of the first mortgage. I have personally seen a third mortgage on one property, but it is rare. As a lender, it is a very risky loan. The answer is no...( what ever lender records first) is a first.... it can be with 2nd mortgage terms but still be is a first lien position. I had a customer who pd off his original first mtg..then his equity second loan became his new first then he took out another loan which became 2nd..... confused yet??? anyway... What ever Lender is recorded at the court house first...is a first- reguardless of the terms or type.
Typical terms for a mortgage are 30 year and 15 year terms.
To establish terms of an agreement like a loan or mortgage.
The second mortgage holder typically needs to approve the first mortgage refinance because they hold a subordinate position to the first mortgage. Refinancing the first mortgage could impact the second mortgage holder's position, so their consent is often required to make changes to the primary loan.