I have a home worth about $325,000. On this home, I have a $150k first mortgage with WaMu, a 2nd mortgage (home equity line with Chase) with a $200k balance and a 3rd mortgage (another home equity line with Harris Bank) with a $150k balance. The first mortgage (and taxes/ins) are up to date but I cannot afford the payments on the 2nd and 3rd mortgages due to being placed on disability. If I keep my first mortgage payments up to date, can either Chase or Harris Bank seek to foreclose on the house? The reason I am wondering about this is there is no equity in the house for the 3rd mortgage holder (Harris Bank) and the 2nd mortgage holder (Chase) would have to pay out the 1st mortgage holder before they would recover any money for their outstanding balance. Given the current state of the real estate market, i am not even sure I could sell my house for $325k. My hope is that over a lifetime, i can pay the 2nd and 3rd mortgages after I pay off the first mortgage in 10 years.
Yes the 2nd or 3rd mortgage holder can definetely foreclose on your home. Perhaps you should see a bankruptcy attorney right away. You may need to sell your home or find some way to save it. Can you take in lodgers to pay your second and third? Be sure to see an attorney asap if you have no way to pay them. filing bankruptcy temporarily stays the foreclosure giving you time to do something, either selling or ……
Home > November, 2009
Can my 2nd and 3rd mortgage holders foreclose on my house (1st mortgage is not delinquent)?
You need to file for a ‘homestead’ with the county recorder and that should protect you from losing your house.
But it will also alert other creditors of potential problems.
What is the difference between a 1st mortgage, 2nd mortgage, and home equity loan?
I am searching for financing to make home improvement repairs, I submitted a request for a home equity loan through lending tree. The lenders throwing out terms such as 1st mortgage, 2nd mortgage, and home equity loan.
The # denotes seniority/position in chain of title. A first mortgage is a loan secured by the property that is in 1st position and gets paid what is due them first if the property is sold (municipal liens like property taxes are TRULY first, though).
A second mortgage is a loan that has a "junior" position behind a first mortgage. Home equity loan is just a colloquial term generally applied to second mortgages. A HELOC, or Home Equity Line of Credit (as mentioned by another responder) is a TYPE of home equity loan that acts more like a credit card in that you can draw on the equity as needed and pay it back and draw on it again and again during the "loan" term.
Technically you can have 3rd, 4th, 5th, etc. mortgages and any of those could be a "home equity" loan in that they would be loans secured by remaining equity in the property, but that would be highly unusual on a residential property.
How many US auto loans and home mortgages financed by banks are out there?
I’m trying to discover the # of US home mortgages and auto loans financed by banks in the US and the average value of each type of loan. It’s for a school project.
Go talk to an officer at your local bank. There are many tens of millions of each, but I don’t have exact data.
Why for home loans the banks are calculating the interest rate?
I Check with the bank for the home loans,they told me 7.5% as floating & 7.25% as fixed,I need to know what is the difference between these two terms?
If i take RS.10,00,000 as home loan & the loan period will be 5 years,so with the interest rate 7.5%,what will be the EMI Per month need to pay to bank.
Please explain.
Thanks,
Ibrahim
Fixed means the rate stays the same throughout the term of 5 years
Floating means it will change with the market. Could be 7 one year and 10 the next. Take the fixed.
Canadian Funding Corp. $80,224 3rd Mortgage to Bancroft Dr., Sudbury, Ontario
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Latest Methods 2nd Mortgages Take to Recover their Debt!
This weeks Preforeclosure Tip of the Week is about the latest methods and actions that second mortgages are taking to try and recover their debt. We also go over where Citibank is sending their defaulted HELOC’s and more.www.ShortSaleDailyNews.com
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Mortgage Hawaii First Time Home Buyer specialist
Hear what first time home buyers need to know about Hawaii mortgages. Marvin Galicha http://EasyMortgageHawaii.com 808-927-2935. Pitfalls: Low Credit Ratings, Junk Fees, quick approvals, Pre pay penalties. Don’t miss out on the house of your dreams.
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Refinance Mortgage Rates
http://www.refiadvisor.com Refinance Mortgage Rates – How to get the lowest possible rate when refinancing your home without paying junk fees.
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Documentary: NACA’s “Save the Dream” – Mortgage Restructuring and Renegotiation Rescues Homeowners
Background on NACA’s “Save the Dream” program, which has helped homeowners across America restructure and renegotiate home mortgages and home loans they can no longer afford.
For more information, please go to www.naca.com
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