What is the correct proceedure for a short mart next to a mortgage company and what if in that are two mortgages?
1st mortgage company is forclosing and i don't know what the second mortgage company is going to do i asked the 1st mortgage company and they said the 2nd one was out of luck. uhm? i'm thinking i'm out of luck and will be responsable for what the 1st company comes down on mortgage and also for the second mortgage company will sue me for the unpaid amount i owe them so i need to know what to do and the proceedures and what to look forward to.
Answers:
The first company's statement is not true, actually... When you take out a mortgage, you are putting your house up as collateral. If you hold a first and second mortgage on your home, one is in "first lien" position and the other is in "second lien" position. Therefore, they are liens on the property and the interest of that property cannot be transfered in need all liens being compensated off. So, the second mortgage company is not "out of luck" and they cannot sue you. They have an interest contained by the property and will be satisfied no matter what. If they hold to take a loss, that is the accident they gambled on when they took you as a borrower.
It's kind of close to a car, let's say you have work done by a mechanic and never paid him. He can put a lien on your car, and you cannot verbs the title of that car until the lien has be satisfied. Make sense? Let me know if you have any further question! You can also reach me at jeichbrecht(a)mbsmtg.com.
-Justin Source(s): Experience.
Im a Real Estate Agent contained by Orange County,CA. If you have any questions in relation to Your House or would like to Sell,Buy,or Refianace Please feel free to contribute me a call.My toll free number is: (1866) 825-9618
California Home Realty.
Thank You
How many lates hold you had on your mortgage?Don't loose the money that you've put towards your house by going to foreclosure.You still might be able to put up for sale.
Haha, I approaching that response from the first mortgage company. You can tell the person contained by the loss mitigation department is fed up with his/her workload!
In regard to the procedure to do a short sale, there is too much info to post it here. Try reading this book next to ISBN number being: 0471760846
What's going to happen is that the first is going to do the foreclosure. The second will immediately need to decide if it will show up on the auction date to protect it's investment. For example, let's influence your house is worth 100k and the first mortgage is 60k and the second is 20k. The second will need to decide whether or not they should show up at the auction and bid to pay packet off the 60k loan and turn around and sell your place to restore your health their money. If any of the mortgage companies do not recover their losses, they can go after you for the difference.
If I confused you, e-mail me and I will clear up any question you have. If you're in Southern California, contact me and I can help out. I specialize in pre-foreclosures and short sales.
Regards Source(s): Satar Naghshineh
satarnag(a)amirifinancial.com
www.amirifinancial.com
California Licensed Real Estate Broker and Investor
Related Questions:
What if your income is not sufficient to obtain a first time mortgage...?
but you could easily pay the mortgage by living next to 2 of your friends. Is their a good way for you to catch this loan without involving them in the purchase and signing of the loan. What if...
Answers:
The first company's statement is not true, actually... When you take out a mortgage, you are putting your house up as collateral. If you hold a first and second mortgage on your home, one is in "first lien" position and the other is in "second lien" position. Therefore, they are liens on the property and the interest of that property cannot be transfered in need all liens being compensated off. So, the second mortgage company is not "out of luck" and they cannot sue you. They have an interest contained by the property and will be satisfied no matter what. If they hold to take a loss, that is the accident they gambled on when they took you as a borrower.
It's kind of close to a car, let's say you have work done by a mechanic and never paid him. He can put a lien on your car, and you cannot verbs the title of that car until the lien has be satisfied. Make sense? Let me know if you have any further question! You can also reach me at jeichbrecht(a)mbsmtg.com.
-Justin Source(s): Experience.
Im a Real Estate Agent contained by Orange County,CA. If you have any questions in relation to Your House or would like to Sell,Buy,or Refianace Please feel free to contribute me a call.My toll free number is: (1866) 825-9618
California Home Realty.
Thank You
How many lates hold you had on your mortgage?Don't loose the money that you've put towards your house by going to foreclosure.You still might be able to put up for sale.
Haha, I approaching that response from the first mortgage company. You can tell the person contained by the loss mitigation department is fed up with his/her workload!
In regard to the procedure to do a short sale, there is too much info to post it here. Try reading this book next to ISBN number being: 0471760846
What's going to happen is that the first is going to do the foreclosure. The second will immediately need to decide if it will show up on the auction date to protect it's investment. For example, let's influence your house is worth 100k and the first mortgage is 60k and the second is 20k. The second will need to decide whether or not they should show up at the auction and bid to pay packet off the 60k loan and turn around and sell your place to restore your health their money. If any of the mortgage companies do not recover their losses, they can go after you for the difference.
If I confused you, e-mail me and I will clear up any question you have. If you're in Southern California, contact me and I can help out. I specialize in pre-foreclosures and short sales.
Regards Source(s): Satar Naghshineh
satarnag(a)amirifinancial.com
www.amirifinancial.com
California Licensed Real Estate Broker and Investor
Related Questions:
What if your income is not sufficient to obtain a first time mortgage...?
but you could easily pay the mortgage by living next to 2 of your friends. Is their a good way for you to catch this loan without involving them in the purchase and signing of the loan. What if...