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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.
Stop Mortgage Foreclosure News
Lawsuit seeks to stop Legislature from raiding mortgage fraud settlement - East Valley Tribune
Lawsuit seeks to stop Legislature from raiding mortgage fraud settlement East Valley Tribune Most of that is earmarked in direct aid for homeowners to help them avoid foreclosure. There also are funds to compensate those who were improperly forced out of their homes. But it also includes $97 million for the state. The settlement spells out how ... Mortgage settlement money diverted to boost state budget |
Bill introduced to stop bulk foreclosure sales - OCRegister
Bill introduced to stop bulk foreclosure sales OCRegister Congressman Gary Miller (R-Brea) and several other congressional members have introduced legislation that calls for the Federal Housing Finance Agency (FHFA) to cease its plan to sell Fannie Mae-owned foreclosed homes in California to large investors. |
Calif. homeowners with foreclosed second mortgages targeted by firm - News10.net
 News10.net | Calif. homeowners with foreclosed second mortgages targeted by firm News10.net Heritage Pacific launched its effort in late 2008 when it began buying - at a steep discount - second-mortgage loans that borrowers had stopped paying. Many of the loans were secured by houses that already had been sold in foreclosure by first-mortgage ... |
Foreclosure-prevention efforts bog down - Kansas City Star
 Arizona Capitol Times | Foreclosure-prevention efforts bog down Kansas City Star A rare legislative conference committee called to rescue a pair of stalled foreclosure-prevention bills is bogged down in marathon sessions. Meanwhile, Gov. Jerry Brown is pushing to use some of California's share of the $25 billion national mortgage ... Deo Buddhu Accused Of Mortgage Scam Promising False Federal Aid Billion Dollar Bait & Switch: States Divert Foreclosure Deal Funds |
Colorado AG requests lawyers' documents from four county trustees - Denver Post
Colorado AG requests lawyers' documents from four county trustees Denver Post By David Migoya Mortgage fraud investigators with the Colorado Attorney General's office have gathered documents filed with at least four county public trustees' offices by some of the state's largest foreclosure law firms, according to several people ... |
Deputies arrest 5 in Minneapolis eviction protest - Minneapolis Star Tribune
Deputies arrest 5 in Minneapolis eviction protest Minneapolis Star Tribune The Occupy protesters said that despite the foreclosure, the Cruz family had been renegotiating the mortgage loan on 4044 Cedar Av. S. with PNC Bank in Pittsburgh and that the arrests were unnecessary. Sheriff Rich Stanek said he had no proof of that ... |
Lawsuit filed to stop transfer of mortgage settlement money - KJZZ
Lawsuit filed to stop transfer of mortgage settlement money KJZZ Of the money the state received, $97 million was set aside to prosecute mortgage fraud, and reduce preventable foreclosures, among other things. But last month, state lawmakers and Governor Brewer signed off on a new budget that takes $50 million of ... |
Paul Vencatasawmy, Fake Real Estate Agent, Scams Buyers Out Of $250000 With ... - Huffington Post
Paul Vencatasawmy, Fake Real Estate Agent, Scams Buyers Out Of $250000 With ... Huffington Post The scam has been a boon for Buddhu, but it's resulted in foreclosure for those on the losing end of the deal. Using a similar ploy, a Utah man funded his wife's plastic surgery by duping about 200 homeowners out of up to $3000. |