Welcome to Mortgage Foreclosure Guide
Mortgage Foreclosure Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
from: Do You Know Where You Stand With a 2nd Mortgage ForeclosureMost people have a mortgage on their home. Some people even have a second mortgage. You can have a second mortgage at the same bank as your first or you can have it at a different bank. Most people that have second mortgages have them at a different bank. People get second mortgages for different reasons. They may have excess debt they want to pay off or they may need the money to catch up on their first mortgage.
Perhaps they are using the money for remodeling or to take a long-awaited vacation. Whatever the reason, many people choose to take out a second mortgage on their home. Unfortunately, if you can’t make the payments on your second mortgage, you can have a 2nd mortgage foreclosure the same way you can on your first mortgage.
Many people misunderstand the 2nd mortgage foreclosure and how it works in reference to the 1st mortgage foreclosure. Any time there are two mortgages on your home, the first mortgage always takes precedence over the second mortgage. The same is true with a 1st and 2nd mortgage foreclosure. Some people misunderstand what this means. They feel that since their first mortgage takes precedence over their second mortgage, they don’t have to worry about staying current with their second mortgage as much as their first. They couldn’t be more wrong with their thinking.
If you become delinquent on your second mortgage, the lender can initiate 2nd mortgage foreclosure proceedings against your home. You can lose your home even if you’re current on the first mortgage. When a home becomes foreclosed, it is repossessed and usually sold at auction to the highest bidder.
If your second mortgage is in default and you lose your home to a 2nd mortgage foreclosure, the first mortgage will still take precedence. When your home is sold as a result of the foreclosure, the proceeds will go to the lender of the first mortgage to cover the balance that is due to them. Whatever is left will go to the lender of the second mortgage to pay them what you owe them. If there’s any money from the proceeds left after paying both mortgages, late charges, legal costs and other fees, the balance will go to you.
It’s important to understand the seriousness of a 2nd mortgage foreclosure so you know you rights and what to expect. If you find yourself in a foreclosure situation with either mortgage, it is to your advantage to contact an attorney for advice. However, it is more important to contact your lenders when you first begin having financial difficulties. This may help you avoid a 1st or 2nd mortgage foreclosure.
Related Articles for Mortgage Foreclosure
Mortgage Foreclosure News
Philadelphia program saves 60 pct homes from foreclosure - Reuters
 Los Angeles Times | Philadelphia program saves 60 pct homes from foreclosure Reuters Philadelphia's Mortgage Foreclosure Diversion Pilot Program, seen as a national model to stem the foreclosure crisis, resulted in 2776 properties ... New Evidence on the Foreclosure Crisis Another wave of foreclosures is poised to strike Avoiding foreclosure scams |
When "New Evidence on the Foreclosure Crisis" On The Journal's Op ... - Huffington Post
When "New Evidence on the Foreclosure Crisis" On The Journal's Op ... Huffington Post "What is really behind the mushrooming rate of mortgage foreclosures since 2007?" asked Professor Stan Liebowitz of the University of Texas, Dallas on the ... Do You Know the Real Culprit in the Great Mortgage Meltdown? |
Ex-Bull's home in foreclosure - Chicago Sun-Times
 Media Take Out | Ex-Bull's home in foreclosure Chicago Sun-Times The former Thornwood High School star, now a member of the New York Knicks, as of Friday was behind $217502 on his $3.7 million mortgage, foreclosure ... Foreclosure Is Latest Challenge for Knicks' Curry Curry's Illinois home in foreclosure Curry's Chicago mansion in foreclosure |
Foreclosure protection program a success - 6abc.com
 Reuters | Foreclosure protection program a success 6abc.com It's called the Residential Mortgage Foreclosure Diversion Program. Of the thousands of people who have participated in the program, nearly 30-percent have ... Foreslosure program still going strong A milestone for mortgage-foreclosure diversion program Foreclosure lawsuits on rise in Summit |
Winona County foreclosures dip - Winona Daily News
Winona County foreclosures dip Winona Daily News Winona County mortgage foreclosures declined in the first half of 2009, even as national ... |
Much-admired city initiative saves 1400 homes from foreclosure - Philadelphia Inquirer
Much-admired city initiative saves 1400 homes from foreclosure Philadelphia Inquirer Yesterday, Jones-Wright told her story to about 150 people at a City Hall celebration for the first anniversary of the Residential Mortgage Foreclosure ... |
Mortgage foreclosure filings up again in June - Milwaukee Journal Sentinel
Mortgage foreclosure filings up again in June Milwaukee Journal Sentinel Foreclosures jumped in Milwaukee County last month, while statewide they essentially maintained their recent elevated ... |