What happens to a 2nd mortgage when you foreclose?
Answers: The first mortgage gets paid first. This is why lending institutions want to make absolutely certain they are in the first position.
THEN if there are any proceeds left from the sheriff's sale, the 2nd mortgage is paid and any other judgments against the property in the order they were recorded.
As far as what happens or doesn't happen when the proceeds from the sale aren't enough to pay the 2nd mortgage, I believe this is on a state-by-state basis.
The best thing to do is to call the county where the property is and ask the sheriff's office what the procedure is for 2nd and later positions.
Thanks for asking your Q! I enjoyed answering it!
VTY,
Ron Berue
Yes, that is my real last name!
Unclear question. It implies you are the first mortgage holder. If the borrower is in default of the first mortgage and the mortgage holder forecloses, what happens to the second mortgage is irrelevant because the first mortgage takes precedence. As the holder of the first mortgage, I foreclose, put the house up for sale and if it sells for more than is owed to me I am paid in full and the holder of the second mortgage can collect the rest. If it sells for less than is owed to me, the borrower is still liable to me for the unpaid balance. I may then sue to collect the rest form whatever assets the borrower has. The holder of the second mortgage is out of luck.
More often, however, the borrower defaults on the second mortgage, in which case the holder of the second mortgage can foreclose, take over the property and continue paying on the first mortgage, or sell the property and use the proceeds to pay the first mortgage and keep the rest. What happens here depends a lot on the market value of the house. With the market way down, it is possible that the house has less value than the amount owed on both mortgages. In that case there is no benefit to the second mortgage holder to take over the first mortgage payments. Everybody loses.
If there is enough money generated from the foreclosure sale they are paid. If not they get whatever residual is left. Whatever is left follows you unless you are paying PMI, which is usually not the case on a second mortgage.
Theres a house surrounded by my neighborhood that looks forsaken. How can I find out almost ownership of it?
I want to find it who the previous owner was or is so I can see if I can buy it and where on earth would I go to find information out give or take a few it??Answers: Look up the records within the tax bureau.
go to the nearest retailer and ask them to look it up, at lowest thats what i wud do
GOODLUCK!
City council/town hall/mayor's office. Whatever the equivalent surrounded by your town is. If all else fail, start asking around at the local bank(s).
Go to your courthouse. There's probably a bureau in charge of zoning, or at most minuscule they might have a local map on which plots and owners are displayed. I know my county have such information avaliable to the public.
Contact the County Clerk's office
Quinn, a short time ago go to the county accounts office. They own all the facts. good luck, Max
Contact your local rates assessor's office. Sometimes you can access the excise records online... try questioning for ..your county name..plus rates assesor's office.
log onto the come to rest registry website and you look up the owners of properties for a small fee. you have need of full address+postcode.
Call city they should have similar to a neighhood coalition that take of such piece as complaints and such...
go to property charge office contained by your county or on the internet go to due accesors in you state and county and enter the address
Go and knock on the door, if someone answeres next just ask if they necessitate help fixing the place up. If not a soul answeres the door then you should ask other general public in the neighbor hood if they know.
The City or county Assessor's Office
contact you local council
I guess city board room has tariff records on adjectives home owners, they should be a good place to start. Also, try entering the address on G00GLE and see what comes up.
Go to the courthouse and ask for a action for that address.
Find out the county the house is located in. Go to that county's major courthouse and ask for the County Clerk's office. Either self-service or a actual person will be capable of assist you in obtain the property location on a grid map. The house will have a numerical identify, such as Lot #, Space #, etc. The property may still be owned by someone. You can research further and get hold of the name of the owner (if relevant).
The Court will assist you contained by guiding you in the right direction.
Sometimes, if the taxes are human being paid in good time, there is zilch you can do about purchasing it...if specifically what you want to do.
If the house is an "eyesore" you can report the property to your local/county tax department. In DC, the City puts a "Clean it or Lean it" sign on the property. After 30 days, violation charges are placed placed against the property. If the charges build up too much, the property can, the, be identified as person "abandoned." Abandoned property can be sold at auctions.
There are ALOT of apt answers here but I wanted to present you a creative answer just contained by case adjectives else fails.
Put a 'FOR SALE' sign surrounded by the front yard of that house. I guarantee you that someone will phone call you that represents that property in some route.
Let them know that someone stole your sign and moved it to their yard so you dont find yourself contained by the middle of an argument. Its a bit sneaky but EFFECTIVE.
Good LUCK!
Can I rent out my not long purchased right to buy flat?
14 months ago I purchased my first property in Hertfordshire. A 1 bed flat. Purchased through the right to buy assignment I got the maximum lb34000 discount as I have lived there 15 yrs. Yet I can not flog it before 5 years of owning it otherwise I will hold to pay fund a large % of the discount if I do. So I want to know if I can rent it out to a friend/ work colleague or agency tenant. I own an interest only mortgage fixed until Nov 2008 next it goes unreliable.Answers: The terms of your right to buy agreement will expect that you can't sub let the property out. The mortgage company would not be an insurmountable problem as you would only just ask them for a 'consent to let' if you were ina redemption cost period. If you be not then you could apply for a buy to consent to mortgage. However, the fact that you enjoy recently exercised your 'right to buy' mode that this will be declared to any mortgage company you apply to, via the solicitor handling the re-mortgage, who would then influence to the buy to let company that you cannot tolerate the property out. Subsequently the buy to let company would not lend to you as you cannot rent the property out.
plentifully of mortgage companies lend on the basis that you will not sub-let the property. this is why at hand are 'buy-to-let' mortgages ie you are buying a property and renting it out.
check the terms and conditions of your mortgage to see if letting is allowed
Legelly, I don't meditate so, but you can contact your lender to see if it's possible.
Illegelly, yes, you can rent it out privately.