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Foreclosure Second Mortgage Article
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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.
Foreclosure Second Mortgage News
Calif. homeowners with foreclosed second mortgages targeted by firm - News10.net
 abc7news.com | Calif. homeowners with foreclosed second mortgages targeted by firm News10.net By Rick Jurgens Adding new uncertainty in the state's ongoing mortgage crisis, a Texas company is aggressively pursuing hundreds of Californians to collect second-mortgage debt - on homes they've already lost through foreclosure. Firm targets CA homeowners with foreclosed 2nd mortgages Texas firm targets Calif. homeowners with foreclosed 2nd mortgages |
Texas company targets foreclosed owners' second loans - San Francisco Chronicle
Texas company targets foreclosed owners' second loans San Francisco Chronicle A Texas company that is aggressively trying to collect second-mortgage debt from hundreds of Californians is facing a class-action suit in Santa Clara County that contends it is carrying out an "insidious and illegal debt collection scheme. |
Texas Firm Sues Calif. Homeowners With Foreclosed 2nd Mortgages - KQED (blog)
 KQED (blog) | Texas Firm Sues Calif. Homeowners With Foreclosed 2nd Mortgages KQED (blog) by Rick Jurgens, California Watch Adding new uncertainty in the state's ongoing mortgage crisis, a Texas company is aggressively pursuing hundreds of Californians to collect second-mortgage debt – on homes they've already lost through foreclosure. |
Letter: Some law firms refuse settlements that can avoid foreclosure - TCPalm
Letter: Some law firms refuse settlements that can avoid foreclosure TCPalm Just when it seemed the foreclosure crisis was finally beginning to correct itself, a new form of fraud has emerged. It involves some of the law firms that represent second-mortgage holders. To the credit of many of the major banks that hold the first ... Scottsdale, Arizona Short Sale Realtor / Specialist |
React & Act: What is second-mortgage debt? - California Watch
 California Watch | React & Act: What is second-mortgage debt? California Watch Heritage Pacific Financial sued Trejo to keep a bankruptcy judge from erasing an $88000 second-mortgage note against a house Trejo lost through foreclosure in 2008. Trejo won, but the firm has appealed. To understand Rick Jurgens' article on the ... |
Foreclosure victims sued - ABC7 investigation - abc7.com
 abc7.com | Foreclosure victims sued - ABC7 investigation abc7.com The company says California law allows them to collect on second mortgages where they can prove borrowers committed fraud. Several years ago with the housing market in panic, Heritage Pacific bought 40000 second mortgage notes on foreclosed homes in ... Foreclosed? That May Not Be the End of It |
Frustrated borrowers seeking mortgage help - MarketWatch
Frustrated borrowers seeking mortgage help MarketWatch What passes for mortgage re-modification is a travesty of an already broken financial system. —MS Lew: And lenders are just plain dumb to boot. In May 2010, by brother died. He had a first and a second mortgage with a single lender. |
Foreclosure another obstacle for recovering alcoholics and addicts - Joliet Herald News
Foreclosure another obstacle for recovering alcoholics and addicts Joliet Herald News It was the second Oxford House in Joliet that Venable lost to foreclosure in less than a year's time. Venable became Illinois coordinator for the Oxford House program after he bought the houses and set them up. He said he owns no Oxford Houses now. |