Welcome to Mortgage Foreclosure Guide
Brite Mortgage Foreclosure Relief Dept Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
Know Where You Stand With a 2nd Mortgage Foreclosure
from:Most people have a mortgage on their home. Some people even have a second mortgage. You can have a second mortgage at the same bank as your first or you can have it at a different bank. Most people that have second mortgages have them at a different bank. People get second mortgages for different reasons. They may have excess debt they want to pay off or they may need the money to catch up on their first mortgage. Perhaps they are using the money for remodeling or to take a long-awaited vacation. Whatever the reason, many people choose to take out a second mortgage on their home. Unfortunately, if you can’t make the payments on your second mortgage, you can have a 2nd mortgage foreclosure the same way you can on your first mortgage.
Many people misunderstand the 2nd mortgage foreclosure and how it works in reference to the 1st mortgage foreclosure. Any time there are two mortgages on your home, the first mortgage always takes precedence over the second mortgage. The same is true with a 1st and 2nd mortgage foreclosure. Some people misunderstand what this means. They feel that since their first mortgage takes precedence over their second mortgage, they don’t have to worry about staying current with their second mortgage as much as their first. They couldn’t be more wrong with their thinking.
If you become delinquent on your second mortgage, the lender can initiate 2nd mortgage foreclosure proceedings against your home. You can lose your home even if you’re current on the first mortgage. When a home becomes foreclosed, it is repossessed and usually sold at auction to the highest bidder. If your second mortgage is in default and you lose your home to a 2nd mortgage foreclosure, the first mortgage will still take precedence. When your home is sold as a result of the foreclosure, the proceeds will go to the lender of the first mortgage to cover the balance that is due to them. Whatever is left will go to the lender of the second mortgage to pay them what you owe them. If there’s any money from the proceeds left after paying both mortgages, late charges, legal costs and other fees, the balance will go to you.
It’s important to understand the seriousness of a 2nd mortgage foreclosure so you know you rights and what to expect. If you find yourself in a foreclosure situation with either mortgage, it’s to your advantage to contact an attorney for advice. However, it’s more important to contact your lenders when you first begin having financial difficulties. This may help you avoid a 1st or 2nd mortgage foreclosure.
Brite Mortgage Foreclosure Relief Dept News
Real Estate News — Operation Home holds fundraiser for dwelling fix-ups; 7 ... - Charleston Post Courier
Real Estate News — Operation Home holds fundraiser for dwelling fix-ups; 7 ... Charleston Post Courier She is active as a community volunteer and serves on the board of The Bright Future Foundation. Formed in 1986, East West Partners is a family of independent companies devoted to building, selling and managing high-quality real estate in various ... |
Homeowner Activists Will Be Crushed Under Their Own Weight - Huffington Post (blog)
Homeowner Activists Will Be Crushed Under Their Own Weight Huffington Post (blog) Since 2009, which by most people's naive assessment is when the housing crisis and foreclosure fiasco began, the Internet has become littered with self-proclaimed mortgage experts and homeowner activists doing little more than drawing attention to ... |
Remarks by MBA President and CEO David H. Stevens, During MBA's 2012 National ... - RealEstateRama (press release)
Remarks by MBA President and CEO David H. Stevens, During MBA's 2012 National ... RealEstateRama (press release) It's the reason I became a mortgage banker 30 years ago and the reason we're all here today. We should be proud of the work we do and the services we provide. Don't you agree? When I stood in this very spot last year, on my second day as MBA's ... |
Prelude to HARP 3.0 as Donovan Testifies at Senate Hearing - Mortgage News Daily
Prelude to HARP 3.0 as Donovan Testifies at Senate Hearing Mortgage News Daily Robert Menendez (D-NJ) said there was a need to attack the problems in the housing market from different angles including refinancing, particularly for borrowers who are making payments but who have interest rates on their mortgages well above the 4 to ... |
In Landlord Disputes, Complainants Get Bounced Around - LoanSafe
In Landlord Disputes, Complainants Get Bounced Around LoanSafe Most of the tenants are never housed, so they do not qualify for either rental assistance or relocation funds Norwich Human Services, Director Beverly Goulet said. Human Services and the city assessor's office have referred people to Small Claims Court ... |