Posted in Second Mortgage on 01/25/2012 04:44 am by admin
Question by Victoria L: Can a second mortgage foreclose on a house?
If you are up and current on your 1st mortgage and your 1st mortgage is 75% of your homes value, can a second mortgage with only %25 of value foreclose on you and obtain the property?I know they can lien against the home, but not quite sure on the actual obtaining the property.
Best answer:
Answer by casey s
Sure, it’s a bonded and you used the equity in your house to procured it. You agreed to give them the house if you didn’t hold your end of the bargain. (I use the pronoun “you” loosely here, I know you are just asking out of curiosity and are not in this situation).
Give your answer to this question below!
Posted in Second Mortgage on 06/30/2011 04:43 am by admin
Question by Jamie N: 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 bonded got for the home and why the second didn’t foreclose. By-the way, the home was in VA.Thanks for your responses.
Best answer:
Answer by Expert Realtor
It would be nice if you posted whether or not your primay residence was sold or not….if it was and it didn’t cover the second mortgage then your only choices are bankruptcy or to pay it off.
What do you think? Answer below!
Posted in Renting & Real Estate on 07/20/2009 12:23 pm by admin
stephanie5 asked:
We have a home that its rent is about half of the mortgage. My husband wants to get a loan with 3 year pre-pay penalty and take out some money as well. This way he wants to lower our monthly payments but at the same time, get the equity as cash. In 3 to 5 years if the housing market is still bad, he wants to let go of the loan and foreclose, and if the market is good, then he wants to sell. We are a little squeezed for money now and I think he is not thinking rashionally. Is this a good thing?? We have a great rate of 6% fixed now on the house, but we got a second mortgage on it that is making our payments a little high. What are the consequences of getting such a loan and should we just try and pay the high mortgage. Who knows what’s going to happen with home prices? This is a house worth 1.2 mil and we owe about 950 thous on it. Help me.
MILES
