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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.
Mortgage Foreclosure Servicing News
Fed Publishes New Set Of Foreclosure-Review Documents - Fox Business
Fed Publishes New Set Of Foreclosure-Review Documents Fox Business WASHINGTON – The Federal Reserve Thursday released a set of detailed plans banks have put together to correct problems in their mortgage-servicing and foreclosure-processing operations. The Fed released so-called action plans for Citigroup Inc. (C) and ... |
Malloy, AG announce allocation of mortgage foreclosure settlement funds - Norwalk Plus Magazine
 Arizona Capitol Times | Malloy, AG announce allocation of mortgage foreclosure settlement funds Norwalk Plus Magazine By Governor Dannel P. Malloy HARTFORD, CT - Governor Dannel P. Malloy and Attorney General George Jepsen today announced that Connecticut's share of the $25 billion mortgage foreclosure servicing settlement will be spent to bolster and expand programs ... MBA Advocacy Group Challenges California Foreclosure Legislation Foreclosure Prevention Program Gets Major Share Of State's Funds From Settlement Conn. outlines mortgage settlement |
USDA Is a Tough Collector When Mortgages Go Bad - Wall Street Journal
 Wall Street Journal | USDA Is a Tough Collector When Mortgages Go Bad Wall Street Journal It is the US Department of Agriculture's Rural Housing Service, which provides mortgage loans to rural homeowners and guarantees loans made by banks. It accounted for at least a third of all mortgages issued in 2010 in sparsely populated areas such as ... |
Hawaii Woman Sentenced in Foreclosure Rescue Scam Involving Approximately 80 ... - LoanSafe
Hawaii Woman Sentenced in Foreclosure Rescue Scam Involving Approximately 80 ... LoanSafe LOUIS, MO—Marien Brown was sentenced to 18 months in prison and ordered to pay approximately $250000 restitution for falsely representing that she operated a “mortgage rescue” or “foreclosure rescue” service. According to court documents, Marien Brown ... |
MORTGAGE FORECLOSURE SALE - The Southeast Sun
MORTGAGE FORECLOSURE SALE The Southeast Sun ... FSB, on the 31st day of March, 2008, said mortgage recorded in the Office of the Judge of Probate of Coffee County, Alabama, in OFFREC Book 446 Page 111; said mortgage having subsequently been transferred and assigned to BAC Home Loans Servicing, ... |
Fortress Seeks Servicing Rights From $4 Trillion Sale: Mortgages - BusinessWeek
 Bloomberg | Fortress Seeks Servicing Rights From $4 Trillion Sale: Mortgages BusinessWeek (MS) (MS) Last year, it paid Goldman Sachs Group Inc. (GS) (GS) $263.7 million for rights to Litton Loan Servicing LP's $51.2 billion mortgage portfolio. Foreclosure filings, including notices of default and bank repossessions, plunged in April to ... Nationstar Mortgage Rises From Ashes Of Mortgage Mess |
House Passes Bill to Improve Veterans' Services, Foreclosures - Patch.com
House Passes Bill to Improve Veterans' Services, Foreclosures Patch.com The foreclosure legislation prohibits lenders from foreclosing without proper documentation, including written proof that the foreclosing party currently holds the mortgage. In cases where borrowers hold “certain mortgage loans,” the legislation ... |
Fed Releases Video on Foreclosure Reviews - Wall Street Journal (blog)
 OregonLive.com | Fed Releases Video on Foreclosure Reviews Wall Street Journal (blog) By Jeffrey Sparshott The Federal Reserve Wednesday posted a video on its website explaining how homeowners who were financially harmed by a mortgage foreclosure can apply for a free, independent foreclosure file review. “The brief announcement reminds ... Foreclosed on in 2009 or 2010? How to file for an independent foreclosure review |