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If one person has a first mortgage on one property can another person have a first mortgage on the same property?
no. whichever mortgage was filed first with the local county clerk is the first mortgage on the property. any other mortgage would be subordinate in priority, and the priority is established by the date on which the mortgages are filed in the county clerks office
If the first mortgage is in just your name and the second is joint between your mother and you would she be responsible for the first mortgage upon your death in Colorado?
If she wished to retain the property. She would in all likelihood be required to refinance the property as the first mortgage holder has priority.
Would a UCC lien on a property have priority over a mortgage that was recorded prior to the UCC?
The lien that was recorded first would have priority.The lien that was recorded first would have priority.The lien that was recorded first would have priority.The lien that was recorded first would have priority.
Does a sheriffs deed of trust eliminate a 1st Senior Mortgage?
No. The mortgage remains in first place as an encumbrance against the property.No. The mortgage remains in first place as an encumbrance against the property.No. The mortgage remains in first place as an encumbrance against the property.No. The mortgage remains in first place as an encumbrance against the property.
How do you get a 2nd mortgage discharged and keep your house?
You don't. A second mortgage is a secured loan, just as the first morgage. The difference is the first mortgage holder has priority if it involves a lien against the property or foreclosure rights. The only option is to try to negotiate with the lender for reaffirmation of the loan
How did first mortgage become 2nd with new loan?
A first mortgage can move to second place by virtue of a subordination. The first mortgagee subordinates its lien to the new mortgage by a written instrument that is recorded in he land records. That way, the new mortgage takes priority as the senior lien.A first mortgage can move to second place by virtue of a subordination. The first mortgagee subordinates its lien to the new mortgage by a written instrument that is recorded in he land records. That way, the new mortgage takes priority as the senior lien.A first mortgage can move to second place by virtue of a subordination. The first mortgagee subordinates its lien to the new mortgage by a written instrument that is recorded in he land records. That way, the new mortgage takes priority as the senior lien.A first mortgage can move to second place by virtue of a subordination. The first mortgagee subordinates its lien to the new mortgage by a written instrument that is recorded in he land records. That way, the new mortgage takes priority as the senior lien.
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.
What does a primary mortgage lender do?
The primary mortgage lender holds the first mortgage. If his mortgage is not paid, he sells the property. He gets paid. You may have a second mortgage. If the second mortgage lender is not paid, he can sell the property. If he sells the property, the primary mortgage lender gets paid first, then the secondary lender gets paid.
When a second mortgage is in foreclosure does the first mortgage show as a foreclosure?
No, they are two separate loans. If the second mortgage is foreclosed the lender takes possession of the property subject to the first mortgage. The borrower no longer owns the property.
When is the mortgage origination date for this property?
The mortgage origination date for this property is the date when the loan was first issued to the borrower.
Can second mortgage foreclose if the first mortgage is being paid?
Yes. The junior mortgagee can foreclose and take possession of your property subject to the first mortgage. If there is enough value in the property the junior mortgagee can sell the property, pay off the first mortgage and put any remaining proceeds against the amount owed on the second mortgage.Yes. The junior mortgagee can foreclose and take possession of your property subject to the first mortgage. If there is enough value in the property the junior mortgagee can sell the property, pay off the first mortgage and put any remaining proceeds against the amount owed on the second mortgage.Yes. The junior mortgagee can foreclose and take possession of your property subject to the first mortgage. If there is enough value in the property the junior mortgagee can sell the property, pay off the first mortgage and put any remaining proceeds against the amount owed on the second mortgage.Yes. The junior mortgagee can foreclose and take possession of your property subject to the first mortgage. If there is enough value in the property the junior mortgagee can sell the property, pay off the first mortgage and put any remaining proceeds against the amount owed on the second mortgage.
What are the best mortgage companies in Louisville?
There are actually a few popular ones. First Residential Mortgage, Benchmark Mortgage, and Old Colonial Mortgage are just three that are good to go with.
