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A second home mortgage is a loan that you take to purchase your second home.

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11y ago

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What are the dangers of a second mortgage foreclosure?

The biggest problem with second mortgage foreclosures is that you can lose your home even if you are still current on your first mortgage. The second mortgage, if defaulted on supersedes you first mortgage.


If you foreclose on your home and proceeds are not enough to pay the first and second mortgage what happens to the second mortgage lien?

You still owe the money to the mortgage provider.


What if you pay your first mortgage but not your home equity?

If you have a first mortgage and a home equity mortgage, the home equity mortgage is a second mortgage. If the home equity mortgage is not paid, the lender can foreclose and take possession of the property subject to the first mortgage. The home equity lender can pay off the first mortgage and keep any excess proceeds from a sale.


How does a second mortgage appear on your original mortgage?

When a person or family buys a home with a mortgage, it is registered with the county or city registry as the first mortgage. The first mortgage is paid off first in whatever case. A second mortgage on the other hand is a secured home equity loan against the same property. If you default on your mortgage payments the lender has to wait after the till the first mortgage is paid. For this reason the second mortgage rates may be higher. Second mortgages are usually smaller loans.


What is the purpose of an equity home loan mortgage?

An equity home loan mortgage is similar to a second mortgage where it is possible to borrow on the equity of a home. This helps reduce financial pressure like facing a foreclosure on a home.

Related Questions

Can a second mortgage put a lien on a home that is not foreclosed but I owned as a primary home however since foreclosure the first mortgage was paid its full amount and the second mortgage nothing?

A second mortgage already has a lien on the home. If you don't pay the second mortgage they will foreclose and take the home. By paying off the first mortgage you just make it easier for the bank to get their money back out of the property when they sell it.


What are the dangers of a second mortgage foreclosure?

The biggest problem with second mortgage foreclosures is that you can lose your home even if you are still current on your first mortgage. The second mortgage, if defaulted on supersedes you first mortgage.


If you foreclose on your home and proceeds are not enough to pay the first and second mortgage what happens to the second mortgage lien?

You still owe the money to the mortgage provider.


Can a second mortgage put your home in foreclosure?

Yes, any unpaid mortgage can put your home in jeopardy of foreclosure.


What if you pay your first mortgage but not your home equity?

If you have a first mortgage and a home equity mortgage, the home equity mortgage is a second mortgage. If the home equity mortgage is not paid, the lender can foreclose and take possession of the property subject to the first mortgage. The home equity lender can pay off the first mortgage and keep any excess proceeds from a sale.


How does a second mortgage appear on your original mortgage?

When a person or family buys a home with a mortgage, it is registered with the county or city registry as the first mortgage. The first mortgage is paid off first in whatever case. A second mortgage on the other hand is a secured home equity loan against the same property. If you default on your mortgage payments the lender has to wait after the till the first mortgage is paid. For this reason the second mortgage rates may be higher. Second mortgages are usually smaller loans.


When would it be necessary for one to take out a second mortgage?

A second mortgage comes in two forms: home equity and lines of credit. It might be necessary to take out a second mortgage to pay for extensive repairs and remodeling or your home, of if you need a line of credit in a emergency.


Your home recently foreclosed you had a first and second loan The first loan handled the foreclosure487k now you are left with the second loan 117K What happens now?

When your home is foreclosed on, the first or second can start the process. If you have a first mortgage and a second mortgage, your first mortgage is the first lien holder. Therefore if the second was first to foreclose they would have to pay the balance or negotiate the balance (agree to lower payoff). When a home is foreclosed on, all debts against the home are extinguished.Normally in a foreclosure the first mortgage will not negotiate with the second mortgage, in this instance the second mortgage would be out of the picture. VALUE (appraisal) plays a huge role in this process.


What is the purpose of an equity home loan mortgage?

An equity home loan mortgage is similar to a second mortgage where it is possible to borrow on the equity of a home. This helps reduce financial pressure like facing a foreclosure on a home.


What are the advantages of taking out a second mortgage?

The advantages to taking out a second mortgage on your home is that it gives you a little extra money to work with. Some people will take out a second mortgage on their home if they need to make improvements on their property and don't have the money to do so. It will also help you to create a home equity line of credit.


What are the benefits of second mortgage loans?

Some of the benefits of a second mortgage loan is that it allows one to borrow large sums of money based on the equity that one has built up on their home. Second mortgage loans are often used for debt consolidation and home improvements.


Can you go into foreclosure if you default on your second mortgage?

Yes. Your second mortgage is secured by your home, so if you default on payments, the lender has the right to foreclose.