Second Mortgage

Can a second mortgage foreclose on a house?

Administrator — Sat, 31 Jan 2009 14:37:14 +0000

If you are up and current on your 1st mortgage and your 1st mortgage is 75% of your homes value, can a second mortgage with only %25 of value foreclose on you and obtain the property?
I know they can lien against the home, but not quite sure on the actual obtaining the property.

can I buy a foreclosed home while I have a first and second mortgage?

Administrator — Fri, 30 Jan 2009 21:38:31 +0000

I know the market is not good for selling, but I am trying to get rid of my second mortgage, which is not too big, and get a better home at the same time.
I mean I am intending on selling my home. I won’t buy another home and continue to live in my own; I’d sell and then buy one.

Can you use a second mortgage as a downpayment on a VA loan?

Administrator — Wed, 28 Jan 2009 09:46:08 +0000

I am interested in buying a home in Virginia and it is more than the VA ceiling of $417,000. Can I use a second mortgage to make up the difference between the $417,000 and the sale price?

Second Mortgage?

Administrator — Mon, 26 Jan 2009 18:56:28 +0000

I’m going on 3 months past due now on my mortgage. In other words my home is going into forclosure. I have a second mortgage that I am gonig on 2 months past due. I’m unable to catch up on my home mortgage. I want to know should I continue to pay the second mortgage? I already know that forclosure is in the making. Don’t the second mortgage get paid first when the home is sold. (Florida)

What will happen to a second mortgage in a forclosure in Arizona if I own another home and it is paid off?

Administrator — Fri, 23 Jan 2009 14:45:45 +0000

Two mortgages on forclosing home, will second come after my equity on my primary home that I own out right or retirement money I have in the bank in forms of cd’s?

Is there a way to transfer a second mortgage on one home to another home I want to buy?

Administrator — Thu, 22 Jan 2009 18:20:51 +0000

Have a $9500 second loan on house and would like to buy another. Need to sell the first one and getting rid of 2nd mortgage could make a big difference in it selling quickly. Any advice other than renting first home?

When is interest rate set on a second mortgage?

Administrator — Mon, 19 Jan 2009 06:29:58 +0000

I didn’t sign the “LOCK-IN-AGREEMENT” for my second mortgage,if rates go down tomorrow,12/11/07,can I request a lower rate?

If I allow a buyer to pay me partially with a second mortgage what are the taxes like?

Administrator — Sun, 18 Jan 2009 22:05:57 +0000

I’m selling a rental house and will hold a $26,000 private second mortgage for the buyers. Will the government tax me on this as money I received at the closing? Even though it is just paper? Or will I pay captial gains on any amount above my basis only when I get the payments from the purchaser? Basically, does taking paper look the same to the IRS as getting paid in cash?

What happens in a second mortgage foreclosure?

Administrator — Tue, 13 Jan 2009 22:25:34 +0000

A house is being foreclosed and posted in the news paper. I did a title search and the current foreclosure is for the second mortgage. Does anyone now what happens to the first loan. If I bid and won would I get the house.

I was under the impression only the first lender had the right to sell the house to secure their money and the second lender was left to fend for themselves / take it up personally with the borrower. I am confused as to why the foreclosure of the second mortgage is in the paper.

Thanks for any help.

What happens to a second mortgage when a home is purchased at a foreclosure auction?

Administrator — Sun, 11 Jan 2009 06:52:37 +0000

I am going to bid on a house at foreclosure and it has a 1st mortgage of $280K and a second of $70K. The lender on the first two mortgages is Decision One Mortgage. The lender at foreclosure is Countrywide. Does this mean that if I buy this house at foreclosure that I will own additional money to the second mortgage or just the first mortgage and back taxes?