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    • second mortgage loan FAQ

    If someone defaults on their mortgage loan, what happens to the second mortgage owed?

    Aug 27, 2010 by Nancy C | Posted in Renting & Real Estate

    I know someone defaulting on their mortgage loan because they decided it is too much owed for a house that has gone down in value 40%. They also have a second loan for $75,000. Is that forgiven too? Are there different rules for second loans? These

    When the borrower defaults, the first mortgage holder forecloses and sells the property. If they do not sell it for enough to pay off the first mortgage, then the second mortgage gets nothing. Depending on state law, the second mortgage holder may have

    don1862 | Aug 27, 2010

    The bank will foreclose on the loan, and they will lose the house. The bank will sell it for whatever they can get for it. If they have assets, the bank can go after them for the difference between what was owed and the actual selling price, plus all
    Brieanne | Aug 27, 2010

    can I get information on a second mortgage loan that is not in my name, but I hold the deed on the property?

    Sep 07, 2006 by gentletobetamedfish | Posted in Credit

    When I was married my husband took a second mortage on the house. We are now divorced and I was awarded the house but with both mortgages. The bank holding the note for the second mortgage will not send me a payment book because my name is not on the

    HoneySuite gives good advice. What I don't understand is how the 2nd mortgage got put in just your husband's name. Banks (and possibly federal laws) require federally insured mortgages to be in the name of both spouses. I would question the legality of

    Christian93 | Sep 07, 2006

    Take the divorce decree, settlement agreement detailing the mortgage arrangement, and new deed to the bank. They may not let your husband off the hook for the mortgage, but they will make the proper arrangements for you to be able to pay it since he
    HoneySuite | Sep 07, 2006

    which law covers a second mortgage loan after a foreclosure?

    May 02, 2008 by Rubedog | Posted in Renting & Real Estate

    my home went through forclosure and was sold. I had a second loan on the house and the loan company sent it to a collection agency to try and collect. I believe there is a law that would prevent them from being able to collect on the second.

    I'm carefull not to get thrown off here while I try to help others (wow) But, Bush passed legislation about negotiating a short pay and no tax applicable - that is not really your deal as you are n default. First, so what, it happens. Second, you have

    borrowerhotline | May 03, 2008
    Can a mortgage be in one name and a secured second loan mortgage be in joint names?

    Jul 21, 2009 by Tris | Posted in Personal Finance

    Mortgage with one company. In one name, only one name on the deed. Is the secured 2nd mortgage loan correct. This is in joint names

    It should be possible, but because there is something called fixed rate, combined debt is only considered.

    UreBozz | Jul 21, 2009

    second mortgage loan news

    BofA Squeezes Mortgage Pipeline to Fannie as Dispute Escalates

    18.05.12

    Feb. 24 (Bloomberg) -- Bank of America Corp., the second- biggest U.S. lender by assets, is stopping the sale of new home loans to government-owned Fannie Mae as a dispute over who should bear the costs for defective mortgages escalates.

    The bank is cutting off Fannie Mae from loans starting this month, except for modifications and some refinancings, because of the U.S.-controlled company's stance on repurchases, Bank of America said yesterday in a filing. The firms are in talks to end the disagreement, the bank said.


    Source: BusinessWeek

    second mortgage loan about


    Subprime Mortgages and Second Mortgages
    Stock Markets Review - Apr 27, 2011 Subprime Mortgages and Second Mortgages What exactly is a Second Mortgage? Second Mortgage is a loan taken out against your home after you have already taken out a first or primary loan. The equity you have in your home is used as collateral for the second loan. A second mortgage has second

    The 88-Year, No-Interest Mortgage
    Wall Street Journal - Apr 28, 2011 The home-equity line, a second mortgage, is several months in default. The first mortgage with JP Morgan Chase & Co. is in a late-stage modification and in good standing. Tasia Robinson, center, with her sons Reuben,left, and Blue in front of their

    North Carolina Foreclosure Prevention Fund Second Mortgage Refinance Program ...
    Red, White, and Blue Press - Apr 25, 2011 North Carolina Foreclosure Prevention Fund Second Mortgage Refinance Program ... Those who have a good payment history but have come upon these difficult financial times and need help with their second mortgage loan usually are those who will potentially qualify for this option as the Second Mortgage Refinance Program is hoped to

    Experian Credit – Decreasing Rate Of Payment Defaults Reported
    Star Global Tribune - Apr 28, 2011 They are constructed to accurately track the default experience of consumer balances in four key loan categories: auto, bankcard, first mortgage lien and second mortgage lien. The Indices are calculated based on data extracted from Experian's consumer

    What Is a Second Commercial Mortgage?
    Go Banking Rates - Apr 15, 2011 These loans typically include a term of at least five years and interest-only payments. Having two commercial mortgage loans can be expensive, so it is important you understand the reasoning behind taking out a second mortgage loan and are sure you can