Answers.com > Wiki Answers > Categories > Business & Finance > Personal Finance > Money Management > Loans > How can a second mortgage loan be discharged?

How can a second mortgage loan be discharged?

In: Loans, Mortgages, Home Equity and Refinancing [Edit categories]

Answer:

Any mortgage can be discharged by paying it off.

First answer by Kluss. Last edit by Kluss. Contributor trust: 692 [recommend contributor ]. Question popularity: 2 [recommend question].

[report abuse]

Can you answer these Loans questions?

	Can you register a car you don't own?	Answer it!
	What is an advantage of taking out a loan?	Answer it!
	What is loan amount of VA loans in California?	Answer it!
	Can you file for bankruptcy on a car loan?	Answer it!
	Where the places in Houston you can get a loan with a prepaid debit card?	Answer it!

Can a second secured mortgage loan be discharged?
Yes, if there is no equity in the house to secure that second mortgage, or the equity is less than the exemption.
If you have a second loan on your mortgage can you refinance on just the primary loan?
Normally you can. You will have to get the Lender on the Second Mortgage to "SUBORDINATE" the loan for you. They may charge a small fee to do so. Your Title company can help you.
Does bankruptcy clear second mortgage loans?
Second mortgages can be discharged only in a Chapter 13 and only if there is no equity in the real estate for the loan to attach to.
Is a mortgage discharged when renewing mortgage?
If you refinance your mortgage, the attorney representing the bank will use the proceeds of the new mortgage to pay off the existing mortgage and a discharge of that mortgage will be recorded in the...
If the second mortgage foreclose who pays the first loan?
If the second mortgagee forecloses and takes possession of the property it must pay the first mortgage or if they sell to a third party that party takes the property subject to the first mortgage.