Yes.
When foreclosing on a house, the bank first looks at the person's saving and checking account. Then, the bank has the right to seize any properties before foreclosing on the house.
Yes if you cannot pay for it
No, unless they are taking it from the person you are leasing it from.
They take the loan to purchace the house.Not many people have $400,000 + in their bank..Thus they borrow it from the bank.
NO. They can't take what you don't have.
If you default on the loan, yes.
Take a loan from the bank...........
When you want to buy a house, you can go to your bank and (hopefully) take out a mortgage.
When you either voluntarily give up the house or you stop making payments (foreclosure).
An example of a mortgage is when a person borrows money from a bank to buy a house. The bank lends the money, and the borrower agrees to pay it back over time, usually with interest. The house serves as collateral, meaning if the borrower fails to make payments, the bank can take possession of the house.
If you have authorized your bank to do so by arranging a scheduled payment, then the money will be drawn out and applied towards your mortgage payment. However, if you did not authorize a payment beforehand then a bank will not take money out for the payment.
it depends if you used the other house in any way to secure the loan for the second house. Please be more specific in your question so I can help you.