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Foreclosure of Second Mortgage Is As Serious As a First Mortgage Foreclosure
from:Most young people, as well as old people, have a mortgage on their home. With the prices of homes at an all-time high, very few people can pay cash for their home like they did many years ago. Some people even have a second mortgage on their home. A second mortgage is not a lot different from a first mortgage, but a foreclosure of second mortgage can be slightly different from a first mortgage foreclosure. The results, however, are the same-homeowner losing part of their home- with a foreclosure second mortgage or first mortgage.
Some people have not even heard of a second mortgage or don’t understand why a person would have two mortgages on their home. There are a few good reasons. With economy as it is today, many people have difficult time saving money. This makes it difficult if an unexpected expense comes up that requires cash. Or perhaps you want to take the family on that long awaited vacation, but don’t have the cash. Most people have equity on their home above and beyond what they owe on their mortgage so they borrow money against their home. For instance, if their home is appraised at $100,000 but only owe $50,000 on their mortgage loan, they have around $50,000 of clear equity. Many people take out a second mortgage using the equity on their home as collateral.
While this helps them at the time, it may cause problems later if they can’t make their payments and the home goes into foreclosure. The first mortgage always takes precedence over the second in a foreclosure. Second mortgage will get what’s left after the first mortgage is satisfied. Many people understand the concept of what is meant by “first mortgage taking precedence over second mortgage”. If they have financial difficulties, they feel they can let their second mortgage fall behind as long as they keep up their first mortgage.
What they don’t realize is they can still lose their home through foreclosure. Second mortgage loans have the same legal rights as first mortgage. If you fall behind on your second mortgage, they can sell foreclose your home and sell it. The only difference is that the first mortgage company will get their money first and then the second mortgage will get what’s left. Often is a situation like this the first mortgage company will offer to buy out the second mortgage or vice versa so there is only one mortgage. Whichever company buys out the loan comes out ahead because they now have only one mortgage.
You now understand the importance of paying both mortgages on time. A foreclosure of second mortgage can have the same ramifications as a first mortgage. You lose your home and good credit.
Mortgage Foreclosure In North Carolina News
Fewer NC, US homes foreclosed upon in April - WRAL.com
 WRAL.com | Fewer NC, US homes foreclosed upon in April WRAL.com North Carolina and national foreclosure trends took a positive turn in April, as the number of homes seized by banks declined and fewer properties entered into the foreclosure process. The number of properties across North Carolina in some state of ... |
SECU's Mortgage Foreclosure Prevention Efforts Continue to Keep More Members ... - MarketWatch (press release)
SECU's Mortgage Foreclosure Prevention Efforts Continue to Keep More Members ... MarketWatch (press release) The NC Foreclosure Prevention Fund(TM)offers a Mortgage Payment Program (MPP) to North Carolina homeowners struggling to make their mortgage payments, due to no-fault job loss or other temporary financial hardship such as divorce, serious illness, ... |
Costco members can now shop for mortgages online - Chicago Tribune
 Chicago Tribune | Costco members can now shop for mortgages online Chicago Tribune "The customer is in control; they choose who they want to call," said Jeff Douglas, chief executive of Wyndham Capital Mortgage Inc. of Charlotte, NC, one of the first lenders in the program. "This is a good part of our business," Douglas added, ... |
NORTH CAROLINA, CRAVEN COUNTY NOTICE . . . - New Bern Sun Journal
NORTH CAROLINA, CRAVEN COUNTY NOTICE . . . New Bern Sun Journal NORTH CAROLINA, CRAVEN COUNTY NOTICE OF FORECLOSURE SALE 11 SP 558 Under and by virtue of a Power of Sale contained in that certain Deed of Trust executed by Lynne W Venters to Shapiro & Kreisman, Trustee(s), which was dated April 20, 2007 and recorded ... Details Ad Id 1318395 |
Bank of America begins contacting more than 200000 customers for possible ... - Washington Post
 The Guardian | Bank of America begins contacting more than 200000 customers for possible ... Washington Post ... reduced as part of a multistate settlement over alleged foreclosure abuses. The Charlotte, NC-based company estimates that more than 200000 of its customers could potentially be in line for a reduction in the principal balance on their mortgage. Protesters voice anger outside BofA annual meeting |
12859 11-sp-343 NOTICE OF SUBSTITUTE . . . - New Bern Sun Journal
12859 11-sp-343 NOTICE OF SUBSTITUTE . . . New Bern Sun Journal 1735, at Page 739 in the Office of the Register of Deeds of Craven County, North Carolina; and because of default in the payment of the indebtedness secured thereby and failure to carry out and perform the stipulations and agreements contained therein ... |
Real Estate| Apartment complex proposal to go back before Myrtle Beach City ... - MyrtleBeachOnline.com
Real Estate| Apartment complex proposal to go back before Myrtle Beach City ... MyrtleBeachOnline.com The council gave first approval earlier this month to B&C's request to annex 21.33 acres on Robert Grissom Parkway between 21st Avenue North and Mr. Joe White Avenue and rezone the property for high-density multifamily residential. |
BofA May Turn Profit on Mortgage Buybacks, Credit Suisse Says - BusinessWeek
 Bloomberg | BofA May Turn Profit on Mortgage Buybacks, Credit Suisse Says BusinessWeek Dan Frahm, a spokesman for Charlotte, North Carolina-based Bank of America, declined to comment on its plans for the mortgages, whose repurchases at par were disclosed May 22. “These loans are not eligible for resale through Freddie Mac's flow business ... BofA Repurchases $330M from Freddie; Delinquencies Down, Sales... |