Sentences with phrase «first mortgage holder»

If there is a second mortgage on the property, the holder must agree to subordinate the lien, so that new VA loan becomes the first mortgage

If you were to sell your home then the first mortgage holder would get paid first from the home sale while the second mortgage holder would get paid after.

In such a case, the second mortgage holder may have to wait until the first mortgage holder is paid off before they can be paid.

* Tax consequences for a borrower when the note holder writes off a portion of the amount to pay off the first mortgage

The only catch is that in the event of a power of sale, the first mortgage holder must be compensated followed by the second and third until all lenders have made their claim.

Second mortgages are considered riskier than first mortgages since if the property goes into default, the first mortgage holder must be paid first.

If you walk away from the home and maintain payments on your second mortgage the collateral of the loan would still be sold by the first mortgage holder.

A house or a piece of property can have a number of mortgages placed on it by lenders, the first mortgage holder has first claim to any proceeds on the sale of the property, the second mortgage holder then can be paid off once the first mortgage holder is paid off, if there is a third mortgage then that lender must wait until the first and second mortgages are paid off before they can get paid.

These mortgages may not be allowed by the first mortgage holder, and if discovered, could be subject to a demand for full payment.

The second mortgage holder can be paid off once the first mortgage holder is paid off.

The first mortgage holder has first claim to any proceeds from the sale of the property.

The bank (first mortgage holder) foreclosed on the property.

That's fancy banker talk for saying that, in the event you have financial problems and can't pay the mortgages, the first mortgage holder is in line ahead of the second to foreclose and take possession of your house.

In the interest of other lenders, the Ontario Mortgage Act requires that the first mortgage holder be paid first before the second and third respectively, in the event of a power of sale.

This also means that the first mortgage holder has a higher level of security than the second mortgage holder and the third mortgage holder has the least amount of security.

The second mortgage holder will get paid off once the first mortgage holder is paid.

A house can have a number of mortgages, the first mortgage holder has first claim, the second mortgage holder then can be pay off once the first mortgage holder is paid off, a third mortgage holder must wait until the first and second mortgage holders are paid off before they can get paid.

What happens if the first mortgage holder and the investors (Fannie Mae have accepted the contract but countrywide is the second mortgage is trying to change the entire sale.

These mortgages may not be allowed by the first mortgage holder, and if discovered, could be subject to a demand for full payment.

This means that they have a higher priority to take legal action and get reimbursed before any other lien, including the lien of the first mortgage holder.