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Do you have to seek approval from first mortgage for a second mortgage?
Wiki User
∙ 15y ago
You should review your first mortgage document for any requirement that the lender must be notified before you execute a second mortgage. If there is no clause to that effect then the answer is no.
Wiki User
∙ 15y ago
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Can a mortgage company sue for the entire amount of a second mortgage after foreclosure even though they received money to cover the first and some of the second after the sale of the property?
First, it is unclear how you know the mortgage company received money toward the second mortgage from the foreclosure of the first mortgage. The lender can sue for the second mortgage. You should consult with an attorney who can seek documentation from the lender to support the amount they are suing you for.First, it is unclear how you know the mortgage company received money toward the second mortgage from the foreclosure of the first mortgage. The lender can sue for the second mortgage. You should consult with an attorney who can seek documentation from the lender to support the amount they are suing you for.First, it is unclear how you know the mortgage company received money toward the second mortgage from the foreclosure of the first mortgage. The lender can sue for the second mortgage. You should consult with an attorney who can seek documentation from the lender to support the amount they are suing you for.First, it is unclear how you know the mortgage company received money toward the second mortgage from the foreclosure of the first mortgage. The lender can sue for the second mortgage. You should consult with an attorney who can seek documentation from the lender to support the amount they are suing you for.
If you are in foreclosure for your first mortgage are you still responsible for the second mortgage if there is a second mortgage on the property?
If your first mortgage is in the process of foreclosure that foreclosure will extinguish the second mortgage as to the real estate. The foreclosure of the first mortgage terminates all subsequent interests in the real estate. After the foreclosure the real estate can be sold free and clear of any subsequent mortgages or liens. However, the debtor remains responsible for the second mortgage debt.Any remaining proceeds from the foreclosure sale after the first mortgage is satisfied are paid toward the second mortgage. In some states the second mortgagee can seek a "deficiency judgment" in court against the debtor. However, even when possible it's not often done due to the costs and the slim probability the debtor will have the ability to pay.You should check your state laws.
What are the reasons a person might seek out a 2nd mortgage refinance loan?
A person might seek out a second mortgage refinance loan if they are struggling with debt or monetary issues. It also lowers the amount of your monthly mortgage payment.
Where might one go to obtain a mortgage for one's house?
First, one should seek pre-approval from a mortgage broker or financing company. Asking friends and family or your local bank should provide plenty of contacts. Pre-approval is important because it is really depressing to find a house you like just to find out that it is out of your available range.
What circumstance would prompt a homeowner to seek a second mortgage loan?
One would take out a second mortgage if they need access to capital. A home they purchased might have appreciated greatly in value so one can access that equity by having a second mortgage. One might use it to make home improvements or a business investment.
What is customary for a young person to do before going out with a friend?
It is customary to first be of the right age. If not seek his parent's approval.
Where can one seek mortgage financing in Boston?
Companies that provide mortgage financing are widely available in the city of Boston. Among the companies providing this service are Zillow, Security First, and Arbor.
Do you seek approval from your parents before you decide on any work related issues?
No i do not need anybody's approval. It is my career and my future. I am responsible for myself.
What is sub prime mortgage and what does it do?
A sub prime mortgage is a type of mortgage in which you are paying a lower prime rate for the home you are buying. You could seek financial information from an attorney or financial rep.
Where can one get mortgage refinance costs?
To get mortgage refinancing costs, one needs to speak to a representative of the current mortgage company. Alternatively, one should seek advice from a financial adviser.
How can one avoid a capped mortgage?
To avoid a capped mortgage, one needs to speak to the mortgage provider. Alternatively, one could try banks such as Santander mortgages, or seek advice from a legal representative.
What website has royal bank mortgage calculators?
The most common website that has Royal Bank Mortgage Calculators is the most obvious. Check out RBC Royal Bank website to find the mortgage calculator in which you seek.
