Welcome to Mortgage Foreclosure Guide
Mortgage Foreclosure In Ny State Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
Know Where You Stand With a 2nd Mortgage Foreclosure
from:Most 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’s to your advantage to contact an attorney for advice. However, it’s more important to contact your lenders when you first begin having financial difficulties. This may help you avoid a 1st or 2nd mortgage foreclosure.
Mortgage Foreclosure In Ny State Specific links
Mortgage Foreclosure In Ny State News
Owner of American Home Recovery Guilty in Connection with a Foreclosure ... - LoanSafe
Owner of American Home Recovery Guilty in Connection with a Foreclosure ... LoanSafe (Source: FBI) - Preet Bharara, the United States Attorney for the Southern District of New York, announced that Isaak Khafizov, a former owner of American Home Recovery (AHR), a mortgage loan modification business, was found guilty today in Manhattan ... |
Landmark hotels up for auction - Albany Times Union
Landmark hotels up for auction Albany Times Union (Philip Kamrass / Times Union archive) Exterior of 74 State St. Wednesday, May 23, 2012 in Albany, NY The boutique Albany hotel is being sold at auction after being foreclosed on. (Lori Van Buren / Times Union) Interior of the main dining room at the ... NY hotel used in TV reality series up for auction |
New York Foreclosure Attorneys Rubin & Licatesi Secure Bad Faith Hearing Over ... - Virtual-Strategy Magazine
New York Foreclosure Attorneys Rubin & Licatesi Secure Bad Faith Hearing Over ... Virtual-Strategy Magazine The Long Island foreclosure attorneys, also well-known for their services in loan modifications, represented defendant homeowners against plaintiff PHH Mortgage Corporation (Index No: 23668/10) in a pending New York State Supreme Court action in Nassau ... |
Billion Dollar Bait & Switch: States Divert Foreclosure Deal Funds - UK Progressive Magazine
 UK Progressive Magazine | Billion Dollar Bait & Switch: States Divert Foreclosure Deal Funds UK Progressive Magazine by Paul Kiel and Cora Currier, ProPublica States have diverted $974 million from this year's landmark mortgage settlement to pay down budget deficits or fund programs unrelated to the foreclosure crisis, according to a ProPublica analysis. |
Foreclosure filings up in Philadelphia region - Philadelphia Inquirer
 CBS News | Foreclosure filings up in Philadelphia region Philadelphia Inquirer Despite the increases, the state remains 28th among the 50 states in the number of filings, about where it has been during the five-year foreclosure crisis. New Jersey was 39th among the 50 states, increasing 14 percent over March and 62 percent above ... Foreclosures fall to lowest level since 2007 US foreclosure filings hit 5-year low UPI NewsTrack Business |