Sentences with phrase «holder of the second mortgage»

With a short sale, all lenders involved must agree to the deal, and in many cases the holder of the second mortgage ends up taking a loss.

The holder of the second mortgage must agree to «subordinate» its lien to that of the new first mortgage lender.

The holder of your second mortgage will charge you a fee to process the resubordination request, maybe $ 75 or $ 100.

Still, every few weeks Bob Young would dutifully make a round of calls, trying to work out a compromise between the sellers and the tough and shadowy holder of the second mortgage.

Not exact matches

Second mortgages are so - called because, in the event of default, the holder of a home's first mortgage has first claim against monies recovered at auction.

* Under certain conditions explained below, FHA will insure first mortgages where (1) the existing note holder writes off the amount of indebtedness that can not be refinanced into the FHA insured mortgage; or (2) either the FHA approved lender making the new mortgage or the existing note holder may take back a second lien that includes closing costs, arrearages or previous secondary financing if the indebtedness exceeds FHA prescribed LTV and maximum mortgage amount limits.

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 so - called because, in the event of default, the holder of a home's first mortgage has first claim against monies recovered at auction.

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.

If you simply want to refinance the first mortgage, your total housing debt shouldn't exceed 80 % of your home's market value, or else the holders of the second lien may refuse to resubordinate (agree to stand behind the first - mortgage holder for repayment if you default).

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

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.

Mortgage relief programs are primarily designed to assist homeowners who can not afford to make their mortgage payments due to financial hardship; FHA guidelines for a proposed «short refinance» program may allow borrowers to qualify for an FHA refinance to a lower mortgage amount but only if the mortgage lender and any second mortgage holders agree to write down their loan balances, So far, mortgage servicing companies and mortgage investors (the owners of mortgage loans) are reluctant tMortgage relief programs are primarily designed to assist homeowners who can not afford to make their mortgage payments due to financial hardship; FHA guidelines for a proposed «short refinance» program may allow borrowers to qualify for an FHA refinance to a lower mortgage amount but only if the mortgage lender and any second mortgage holders agree to write down their loan balances, So far, mortgage servicing companies and mortgage investors (the owners of mortgage loans) are reluctant tmortgage payments due to financial hardship; FHA guidelines for a proposed «short refinance» program may allow borrowers to qualify for an FHA refinance to a lower mortgage amount but only if the mortgage lender and any second mortgage holders agree to write down their loan balances, So far, mortgage servicing companies and mortgage investors (the owners of mortgage loans) are reluctant tmortgage amount but only if the mortgage lender and any second mortgage holders agree to write down their loan balances, So far, mortgage servicing companies and mortgage investors (the owners of mortgage loans) are reluctant tmortgage lender and any second mortgage holders agree to write down their loan balances, So far, mortgage servicing companies and mortgage investors (the owners of mortgage loans) are reluctant tmortgage holders agree to write down their loan balances, So far, mortgage servicing companies and mortgage investors (the owners of mortgage loans) are reluctant tmortgage servicing companies and mortgage investors (the owners of mortgage loans) are reluctant tmortgage investors (the owners of mortgage loans) are reluctant tmortgage loans) are reluctant to agree.

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.

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.

As with the example above, mortgage lenders, mortgage insurance companies, second lien holders, and in the case of short sales, the new buyers have to agree to the terms of the loss mitigation program.

When the home is sold or foreclosure upon (in the case of a default), the first mortgage lien holder is paid first and the second mortgage lien holder is paid later.

That means that in the event of a forced sale, the first mortgagor gets paid off before the second mortgage holder.

In the second quarter of 2016, 11.8 percent of South Florida mortgage holders, or about 99,000 people, still owed more than the home is worth, according to Zillow.