Posts Tagged ‘Second Mortgage’

What happens with the 2nd mortgage when I give the 1st mortgage holder a deed in lieu of foreclosure?

I am unemployed and cannot pay the mortgage payments. I have the home on the market but it will not sell for the loan amount. I was thinking of giving the 1st mortgage holder (80%), a deed in lieu of foreclosure. Will the second mortgage holder (20%) be able to get any money or be able to file a judgment against me as home owner? I live in the State… Continue reading

Can a lender from a second mortgage put a lean on my current house?

I have two properthy. On one property I have two mortgage lender. If I were to forclose on my house, can the lender from a second mortgage put a lean on my current house?… Continue reading

How many years does a second mortgage have to sue me for a unpaid debt?

My house was forclosed. The first mortgage wrote off the debt.The second mortgage did not.How many years do they have to try and get the money?… Continue reading

How soon can you take out a second mortgage after closing?

Obviously, the house has enough equity to take out a second mortgage. No, I don’t think second mortgages are good ideas, but some situations merit them. I just simply want to know if you close on the home, can you take out a second mortgage immediately after, or do you have to wait a certain amount of time?… Continue reading

How long does a second mortgage have to go after borrower following foreclosure in Washington?

How much time does the second mortgage holder have to go after the borrower if the property was already foreclosed by the first mortgage holder in the state of Washington?
How much time does the second mortgage holder have to go after the borrower if the property was already foreclosed by the first mortgage holder in the state of Washington?

EDIT: A source or citation would be appreciated as well… Continue reading

What do I do about my second mortgage that didn't foreclose?

Our home had two mortgages. It foreclosed a year ago, but the second mortgage is open. We believe that bankruptcy is the only way out of it but does anyone know any other way out of it? We don’t know any details of how much the first mortgage got for the home and why the second didn’t foreclose. By-the way, the home was in VA.
Thanks for your responses.… Continue reading

Does a first mortgage get paid off completely before a second mortgage gets any money?

I hold a second mortgage on someones home and they are now in foreclosure. Will I get any of my money back? Does the first mortgage have to receive all their money first before I get any?… Continue reading

I have alot of credit card debt, how can I get a personal loan to pay them off without hurting my good credit?

I contacted a debt solution program but they say my credit will be hurt until I get these paid off. My credit is real good I just have alot of credit card debt that I would like into one lump sum with a fixed monthly payment. I cannot take a home equity loan due to a second mortgage for a business loan. My local bank said I don’t have enough… Continue reading

If your first mortgage takes a deed in lieu, what happens to the second mortgage?

Do the 2 companies duke it out? Or does the former homeowner have to strike a deal with the company that held the second mortgage?… Continue reading

What is a second mortgage and how can an owner and a bank or private investor benefit from it?

What situation would an owner use a second mortgage. How does the bank and the owner benefit from it?… Continue reading