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A friend owns two house one of them went foreclosure can the creditors go after his second house for the left over if so should he file bankruptcy?
Yes. BK includes all your debts/obligations and all your assets, not just some. They each ae given priorities and some may be exempt from use or discharge, Theses creditors would be unsecured creditors agaisnt this, and all other assets. The lender on this property would have priority of payment from it, with the reminder, if any, going to lesser priority claims.
What else can I help you with?
Can you file for bankruptcy if you have a second mortgage?
Bankruptcy is of an individual or a corporation can not distinguish between creditors.
Is it better or worse for your credit to let the bank foreclose on a mortgage of a second property while facing bankruptcy?
A foreclosure or bankruptcy is never good for your credit, this is something you'd be better off discussing with an attorney. You can avoid foreclosure by filing bankruptcy.
After chapter 7 bankruptcy second mortgage was reaffirmed but not first mortgage if there is a foreclosure who gets their money?
In a foreclosure, creditors are paid in the order of their liens. A first motgage is paid first. Anything left over goes to the second, and if there is still anything left of proceeds, it goes to the third or to the debtor. Taxes and other municipal liens are paid before anything else.
Can I do a Bankruptcy and foreclosure with a second mortgage at the same time?
YOU don't evcer do a foreclosure on what you own. the bank does. Bankrutpcy overrides foreclosure and in fact will essentially delay it while the property is sold in the BK process.
Can a first mortgage lender omitted from foreclosure and let the second foreclosure?
Yes, but whomever buys at the second foreclosure will own the property subject to the first lienholder's debt. The first lienholder can still foreclose and wipe out the second.
Do you still owe for second mortgage?
Yes. "People with a second mortgage who are facing foreclosure should go to bankruptcy to get rid of the unsecured second-mortgage note," she said. "They should do it as soon as they're foreclosed upon, because that's when they're at rock-bottom, not when they've started to rebuild (their finances)."
Is tax on continuing a second mortgage deductible after filing for a first foreclosure?
Even if you have had a foreclosure, tax on a second mortgage or home equity loan is still deductible.
What is mean by 2nd pari passu charge?
Parri Passu charge in terms of finance is equal charge on borrower, especially incase of default/bankruptcy Parri Passu charge in terms of finance is equal charge on borrower, especially incase of default/bankruptcy
Can a second mortgage put your home in foreclosure?
Yes, any unpaid mortgage can put your home in jeopardy of foreclosure.
When can you buy a home after a short sale or foreclosure?
Here are the rules:How long will a former homeowner who sold through a short sale or foreclosure have to wait before they can buy another home?Here are the rules….Waiting Period Requirements to Buy a Home Again.The waiting periods in order to qualify for a home loan after a foreclosure, deed-in-lieu, short sale and bankruptcy varies both by the government agency purchasing or insuring the loan as well as the dollar amount of the loan.Federal Housing Administration (FHA)1) Foreclosure is 3 years2) Deed-in Lieu is 3 years3) Short Sale is 3 years4) Bankruptcy is 2 yearsVeterans Administration (VA)1) Foreclosure is 2 years2) Deed-in Lieu is 2 years3) Short Sale is 2 years4) Bankruptcy is 2 yearsConventional Conforming (FNMA/FHLMC)1) Foreclosure is 7 years2) Deed-in-Lieu is 4 years < 80% LTV and 5 years > 80% LTV for primary residences. 7 years for second homes and investment properties regardless of LTV.3) Short Sales is 2 years < 80% LTV and 5 years > 80% LTV and 7 years > 90% LTV4) Bankruptcy is 4 yearsConventional Non-Conforming (JUMBO)1) Foreclosure is 7 years2) Deed-in-Lieu is 7 years3) Short Sale is 7 years4) Bankruptcy is 7 years
If you are in foreclosure for your first mortgage are you still responsible for the second mortgage if there is a second mortgage on the property?
If your first mortgage is in the process of foreclosure that foreclosure will extinguish the second mortgage as to the real estate. The foreclosure of the first mortgage terminates all subsequent interests in the real estate. After the foreclosure the real estate can be sold free and clear of any subsequent mortgages or liens. However, the debtor remains responsible for the second mortgage debt.Any remaining proceeds from the foreclosure sale after the first mortgage is satisfied are paid toward the second mortgage. In some states the second mortgagee can seek a "deficiency judgment" in court against the debtor. However, even when possible it's not often done due to the costs and the slim probability the debtor will have the ability to pay.You should check your state laws.
Can you file bankruptcy on a second mortgage but not on the original one so you can keep your house?
== == NO. Bankruptcy applies to ALL your financial dealings, without exception. You cannot pick and choose which things will be included. Bankruptcy means that you are SO FAR IN DEBT that you cannot pay your creditors, and you are asking the courts to help you to make an agreement with the creditors to accept PARTIAL PATMENT of the debts you owe. One of the basic requirements in a personal bankruptcy is the forced sale of any property, to pay off debts you owe. The house will have to go. It is your penalty for not being more careful about your debts, and re-paying them on time. : : by MONTSAME: Actually, the above answer is completely inaccurate. Bankruptcy doesn't necessary have to apply to ALL of your assets and liabilities. You CAN choose and pick which obligations you would like to fulfill (reaffirm the debt). : To answer the question, the second mortgage can be fully or partially discharged depending on the home value and the size of your first mortgage. Though it is complicated, and in some states they can apparently come after you even after the bankruptcy is complete.
