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The question might need to be clarified to really get to the heart of the matter.
A property is offered as security on a loan. If a loan goes into default the lender takes possession by foreclosure. If the foreclosing lender is the lender who is in first place (the senior lender), any lien that was recorded after the first mortgage is wiped out as a lien against the property.
The proceeds from the foreclosure sale are used to satisfy the senior lender first. Any excess will go to pay off the junior mortgagee but in these time there is more often a deficiency. In most jurisdictions, the junior mortgagee can still pursue the mortgagor for payment of that loan even though their lien on the real estate was extinguished.
What else can I help you with?
can i get a loan to fix my house and not take out second mortgage?
can i get aloan to fix my house without taken a second mortgage out
Can a second mortgage deed of trust come after your other assets if a house is foreclosed?
This depends on the state and the nature of the second mortgage (purchase, refinance etc.). Once a senior lien (1st mortgage) has foreclosed on the property, the second mortgage holder on a refinance (non-purchase) loan may pursue the borrower for the balance owed. They may take the borrower to court and obtain a judgment against the borrower. While the action the court approves may vary, one of the more common outcomes (if they are successful) is wage garnishment. With the prevalence of bankruptcy filings, monetary recovery is becoming more difficult for lenders to obtain.
What happens to the remaining mortgage balance if your house is foreclosed on and sold for less than the balance of the mortgage?
The amount that the bank forgave the difference from what you owed and the house is worth will be issued to you on a 1090 form and you will owe tax on that amount.
How do you get out of a second mortgage when the house has been sold on a short sale?
How do you get out of a second mortgage when the house has been sold on a short sale?
How do you buy a second house and get a 2nd residential mortgage when you already have a mortgage on your first house?
Sexytime with banker.
How can you get repaid for a 2nd mortgage you hold on a house a bank has foreclosed on?
That will depend on how much the bank gets when it sells the house. If they cover their mortgage and costs, the 2nd mortgage will be paid.
House in discharged bancruptcy not foreclosed yet moving out need to inform mortgage company?
No.
If house is foreclosed do all liens have to be satisfied before title is cleared?
The liens that predate the foreclosed mortgage must be paid such as a prior mortgage. The http://taxes.answers.com and any municipal services liens must be paid. Any mortgages, attachments, etc that were recorded AFTER the foreclosed mortgage get wiped out as liens against the property.
Can a house be foreclosed on if one name is on the mortgage and someone else s name is on the deed to the land or parcel?
That depends on whose name was on the deed when the mortgage was executed.
can i get a loan to fix my house and not take out second mortgage?
can i get aloan to fix my house without taken a second mortgage out
Can a bank forclouse on a house with a irrevocable living trust?
The bank does not care who holds the mortgage. If the loan is not being paid, it can be foreclosed on.
Can a second mortgage deed of trust come after your other assets if a house is foreclosed?
This depends on the state and the nature of the second mortgage (purchase, refinance etc.). Once a senior lien (1st mortgage) has foreclosed on the property, the second mortgage holder on a refinance (non-purchase) loan may pursue the borrower for the balance owed. They may take the borrower to court and obtain a judgment against the borrower. While the action the court approves may vary, one of the more common outcomes (if they are successful) is wage garnishment. With the prevalence of bankruptcy filings, monetary recovery is becoming more difficult for lenders to obtain.
What happens to the remaining mortgage balance if your house is foreclosed on and sold for less than the balance of the mortgage?
The amount that the bank forgave the difference from what you owed and the house is worth will be issued to you on a 1090 form and you will owe tax on that amount.
How do you get out of a second mortgage when the house has been sold on a short sale?
How do you get out of a second mortgage when the house has been sold on a short sale?
If your house is foreclosed on what happens if you get a personal lender and get a new house Can they put a lien on the new house?
Check the laws in your state, but NO, they cannot. Your old house secures the mortgage on THAT house. Nothing else.
How do you buy a second house and get a 2nd residential mortgage when you already have a mortgage on your first house?
Sexytime with banker.
Can a house be foreclosed on if you have only signed a costruction loan but no final loan aggrement?
The answer is Yes, the construction loan is considered a regular mortgage. So if you stop paying the mortgage, it will forclose and show on your credit report.
