Sentences with phrase «additional mortgage liens»

If the fair market value of a property is less than the amount owed on a first - priority mortgage, a Chapter 13 debtor may be able to remove additional mortgage liens through a process known as «lien stripping.»

If you find yourself underwater on your home based on the balance of your first mortgage, additional mortgage liens are considered «undersecured» and are eligible to be removed or stripped by the bankruptcy court.

Not exact matches

Other times, it is opened as a new lien and only used to pay for a down payment on the new home, adding additional debt on top of your two mortgage payments.

Bankruptcy will not normally wipe out: (1) money owed for child support or alimony, fines, and some taxes; (2) debts not listed on your bankruptcy petition; (3) loans you got by knowingly giving false information to a creditor, who reasonably relied on it in making you the loan; (4) debts resulting from «willful and malicious» harm; (5) student loans owed to a school or government body, except if the court decides that payment would be an undue hardship; (6) mortgages and other liens which are not paid in the bankruptcy case (but bankruptcy will wipe out your obligation to pay any additional money if the property is taken back by the creditor).

It is possible for borrowers to take out additional liens (mortgages) on a home.

1) The Piggy - Back (a.k.a.: Concurrent Lien, First and Second Combo) Borrowers purchasing a home, are able to use a «piggy - back» their first mortgage in with a second mortgage to give them additional flexibility in the formation of their repayment plan.

The mortgage will be a lien on the subject property, so adding additional collateral does not help unless the mortgage is underwater.

For instance, lenders view builders liens and property tax liens as an additional mortgage on the property.

«In the third quarter of 2010,» says Freddie Mac, «33 percent of homeowners who refinanced their first - lien home mortgage lowered their principal balance by paying - in additional money at the closing table.»

Other times, it is opened as a new lien and only used to pay for a down payment on the new home, adding additional debt on top of your two mortgage payments.

FHA 203K Loans When a homebuyer wants to purchase or refinance a house in need of repair or modernization, the borrower usually has to obtain financing first to purchase the dwelling or financing to take out any existing liens should they already own it; additional financing to do the rehabilitation construction; and a permanent mortgage when the work is completed to pay off the interim loans with a permanent mortgage.

They can't place additional liens or mortgages against property without the consent of the other spouse or the court.

In the first quarter of 2012, 79 percent of homeowners who refinanced their first - lien home mortgage either maintained about the same loan amount or lowered their principal balance by paying - in additional money at the closing table.