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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
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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.
If you sold your home and did not sell for enough to pay the first and second mortgage what happens to the second mortgage lien?
Was the 2nd lien included in and discharged in your bankruptcy? If not, then that lien still encumbers the title to the property and is probably a debt you still owe.
If you have a second mortgage and filed chapter 7 what is your obligation to the second mortgage?
If you don't pay the 2nd mortgage the lender will take the house. It is a secured loan so, meaning that they get something in return for lending you the money. If you don't pay back the money, they get the house.
What happens to the first mortgage when the second mortgage is foreclosed on?
It depends....the 2nd mortgage holder can buy out your first mortgage and then foreclose on the entire property , the chances are higher of this happening is the 2nd mortgage is kinda large or if they are held by the same lender. If the 2nd mortgage holder decides not to buy the first mortgage out then typically nothing with happen because the first mortgage holder is in control. The 2nd mortgage cannot foreclose on the first mortgage so keep the first mortgage payments current.If the 2nd does not buyout the first then the lien with remain on the property and you will be require to pay it off if you sell or refinance the property down the road.Mortgage loan officer PAIn Texas the law is: http://www.avvo.com/legal-answers/tx-foreclosure-second-trust-deed-4498.html
Owe 65 thousand to first mortgage 40 thousand to second mortgage but second mortgage is foreclosing how will first mortgage get there money?
In foreclosure proceedings the 1st mortgage gets their money first. Either the 2nd mortgage will have to buy the 1st mortgage entirely and then sell your house or they will have to hope that whoever buys the mortgage at auction, will bid enough to pay them off.
Can you file and keep your house if you have a second mortgage?
You will be able to keep the house provided you keep making the mortgage payments. In a chpt. 13, if the 1st mortgage amount is higher than the house value, you can strip the 2nd mortgage and treat it as an unsecured creditor. If the house value is higher than the 1st mortgage, then you will need to keep paying both mortgages.
What happens to you when ex wife files bankruptcy on 2nd mortgage both your names are on?
Her mortgage liability will be discharged.
How can you get repaid for a 2nd mortgage you hold on a house a bank has foreclosed on?
That will depend on how much the bank gets when it sells the house. If they cover their mortgage and costs, the 2nd mortgage will be paid.
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 happens if payoff 1st mortgage and keep 2nd?
You will then have one mortgage and not two.
Your credit report show your second mortgage being included in your bankruptcy you never re-affirmed the second mortgage do you still have to pay it?
Never get a second mortgage --- only if you want to keep your house. 2nd mortgagees can foreclose on you
If there is a lien on a house but someone else is on the 2nd mortgage does it affect their credit also?
yes, only if the second mortgage does not get paid.
If you sold your home and did not sell for enough to pay the first and second mortgage what happens to the second mortgage lien?
Was the 2nd lien included in and discharged in your bankruptcy? If not, then that lien still encumbers the title to the property and is probably a debt you still owe.
Can a house be placed into a trust if it has a 2nd mortgage on it?
The number of mortgages on a property has no impact on the owner's ability to put the house in a trust.
If you have a second mortgage and filed chapter 7 what is your obligation to the second mortgage?
If you don't pay the 2nd mortgage the lender will take the house. It is a secured loan so, meaning that they get something in return for lending you the money. If you don't pay back the money, they get the house.
What happens to the first mortgage when the second mortgage is foreclosed on?
It depends....the 2nd mortgage holder can buy out your first mortgage and then foreclose on the entire property , the chances are higher of this happening is the 2nd mortgage is kinda large or if they are held by the same lender. If the 2nd mortgage holder decides not to buy the first mortgage out then typically nothing with happen because the first mortgage holder is in control. The 2nd mortgage cannot foreclose on the first mortgage so keep the first mortgage payments current.If the 2nd does not buyout the first then the lien with remain on the property and you will be require to pay it off if you sell or refinance the property down the road.Mortgage loan officer PAIn Texas the law is: http://www.avvo.com/legal-answers/tx-foreclosure-second-trust-deed-4498.html
Owe 65 thousand to first mortgage 40 thousand to second mortgage but second mortgage is foreclosing how will first mortgage get there money?
In foreclosure proceedings the 1st mortgage gets their money first. Either the 2nd mortgage will have to buy the 1st mortgage entirely and then sell your house or they will have to hope that whoever buys the mortgage at auction, will bid enough to pay them off.
