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What happens if I let my second balloon mortgage go into default Is my home or 1st mortgage going to suffer?
Yes, it could. Any lien holder can initiate the foreclosure process - so if your 2nd mortgage goes into default, the mortgage company could choose to start foreclosure proceedings based on the default.
What happens to equity in a foreclosure process?
In a foreclosure process, equity refers to the difference between the value of the property and the amount owed on the mortgage. If the property is sold in foreclosure for more than the amount owed, the remaining equity goes to the homeowner. If the property is sold for less than the amount owed, the equity is lost.
What happens when Rented property goes into foreclosure?
It is the same process as any other foreclosure, except that at the conclusion of the foreclosure, the tenants will be forced to leave.
If foreclosure homes are sold at auction how are realtors selling foreclosure homes - Do they purchase the homes themselves or are they attempting to sell before the auction - How does this work?
the owner who is in foreclosure is attempting to sell the house before the foreclosure goes through. this is completely legal. if they want to sell the house for less than the amount that is owed to to the holder of the mortgage they will need to get the mortgage holders agreement.
What happens after a house goes into foreclosure?
you get kicked out and you live outside instead of inside
WHAT is a stand alone second mortgage and what happens to it when a home goes to foreclosure?
A stand alone second mortgage is another loan that is taken out against your home when the first loan is still in order. If your home goes to foreclosure, you will still owe this money as well.
What happens if I let my second balloon mortgage go into default Is my home or 1st mortgage going to suffer?
Yes, it could. Any lien holder can initiate the foreclosure process - so if your 2nd mortgage goes into default, the mortgage company could choose to start foreclosure proceedings based on the default.
What happens to my credit score when my investment property goes into foreclosure?
Foreclosure of a property hits your credit report in a very big, negative way. Lenders generally look very unfavorably upon foreclosures. Try to avoid it. There are actually companies that will work with you for free to buy your mortgage away from your mortgage company and avoid your foreclosure.
What risk is inherent in second mortgage loans?
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.
What happens to equity in a foreclosure process?
In a foreclosure process, equity refers to the difference between the value of the property and the amount owed on the mortgage. If the property is sold in foreclosure for more than the amount owed, the remaining equity goes to the homeowner. If the property is sold for less than the amount owed, the equity is lost.
What happens when Rented property goes into foreclosure?
It is the same process as any other foreclosure, except that at the conclusion of the foreclosure, the tenants will be forced to leave.
If foreclosure homes are sold at auction how are realtors selling foreclosure homes - Do they purchase the homes themselves or are they attempting to sell before the auction - How does this work?
the owner who is in foreclosure is attempting to sell the house before the foreclosure goes through. this is completely legal. if they want to sell the house for less than the amount that is owed to to the holder of the mortgage they will need to get the mortgage holders agreement.
What happens after a house goes into foreclosure?
you get kicked out and you live outside instead of inside
Is there any way to get a mortgage if you went through foreclosure and have a FICO score below 500 but have 50000 capital to invest?
If you just went through a foreclosure I know of no one that will give you a mortgage for a number of years. I tell people to sell the home before it goes to auction.
If a home is rented and goes into default who will be held responsible for the tenants the owner on deed but not mortgage or the other owner on deed and mortgage or mortgage company that forecloses?
First, default just means not paying. The mortgage company has nothing to do with the tenants until there is a foreclosure sale. The two owners on the deed are the landlords. After a foreclosure sale, the bank must give at least 90 days notice to tenants.
What recourse does a second mortgage holder have when the first mortgage goes into foreclosure?
Hate to tell you, but in my state (WA), if a senior deed of trust or mortgage is foreclosed, then the inferior/junior mortgages and/or deeds of trust are foreclosed as well. That means that you have no recourse subsequent to a foreclosure. I suggest seeing an attorney immediately (see the phone book for one who gives "free consultations").
Mortgage goes into foreclosure and owing money will you lose your home because of the charge off?
Yes, the charge off designation indicates the mortgage agreement is in default. It is quite possible the lender will proceed with foreclosure action unless the loan can be reaffirmed and the missed payments and penalties brought up to date.
