Sentences with phrase «mortgage lien holder»

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.

The reverse mortgage lien holder simply has a secured interest in your home as would be the case with a traditional mortgage or home equity line of credit.

Using an extensive set of data on loan performance that we have developed with Equifax, we find that multiple first mortgage lien holders — that is, people owning more than one home — account for about 40 percent of the dollar volume of seriously delinquent mortgage balances, up from about 5 percent in 2004 (Chart 10).

Not exact matches

The down payment could be protected by a priority lien and would accrue interest at a regulated rate that could be paid back into the employees retirement account by the mortgage holder.

«Over 80 percent of all mortgage holders now have available equity to tap via first - lien cash - out refinance or home equity line of credit,» Black Knight reported.

A common secured product in the US is a 2nd lien holder to a home (the first being the mortgage), called a HELOC (Home Equity Line Of Credit).

The same case applies to the third mortgage holder if any, who must, in turn, wait for the first and second mortgage holders to be paid before they can claim a lien.

* 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 bonds are mortgage - backed so if CSI reneges on its commitments, the property will be sold with bondholders getting a cut of the proceeds after all other lien - holders (like the bank and city) are paid off.

The debtor's property is protected from seizure from creditors, including mortgage and other lien holders, as long as the proposed payments are made and necessary insurance coverages remain in place.

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

Until the conflict between first and second lien holders is resolved, loan modification efforts and mortgage write - down programs will likely be met with very limited success.

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).

And why buy 2nd mortgages if there is a 1st mortgage or can you negotiate with the 1st lien holder to accept a discount?

What does the first lien holder do when the 2nd mortgage is sold?

If borrowers have gone through a modification where the payment wasn't brought current by the existing lien holder they can be eligible for this program if (1) the modification was made under the terms of the Making Home Affordable Modification Program (HAMP), the loan may close the month following the date the modification was permanent or (2) the modification was a non-HAMP modification, the borrower must have made three monthly payments on time and the modified mortgage must be current for the month due

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.

The reverse mortgage lender must be the first lien holder.

Similar to a mortgage, if you are late on auto loan payments, the lien holder can repossess your car and, in some states, do so without going to court.

The mortgage deed or trust does not have a power of sale clause, therefore the lender, trustee or another lien holder must take the borrower to court to recover the unpaid balance of a delinquent debt.

She cited two examples in which the contractual rights of first - lien holders have been trampled on in the aftermath of the mortgage meltdown: in the federal government's mortgage modification program, the Home Affordable Refinance Program, which she says modifies troubled mortgages on the backs of the first - lien holders, and in the national mortgage settlement, structured by state attorneys general in the aftermath of widespread foreclosure irregularities by the big banks.

• HAFA will no longer impose a 6 % cap on payments to each subordinate mortgage / lien holder.

Wingspan was founded in 2008 to serve the interests of mortgage insurance companies and subordinate lien holders.

The practice is legal, and can be done through a person - to - person loan, in which the lender is named as a lien holder on the mortgage, or through a Mortgage Investment Corp, in which investors can pool their money to lend to those who either don't qualify for a traditionmortgage, or through a Mortgage Investment Corp, in which investors can pool their money to lend to those who either don't qualify for a traditionMortgage Investment Corp, in which investors can pool their money to lend to those who either don't qualify for a traditional loan.

As a general rule in Florida, a creditor of a homeowner can not partition or force the sale of property if the property has «homestead» protection (exceptions include mortgage holders, construction liens and liens for ad valorem real estate taxes).

Lien - holders include mortgage holders.

• The amount the primary mortgage holder can pay to subordinate lien holders has been increased from $ 2,000 to $ 5,000.

Increases maximum incentive to subordinate mortgage holder (s) to $ 8500 in exchange for a lien release and full release of borrower liability.

That's because if the buyer defaults on the first lien, you would be responsible for making up all back payments on both mortgages, plus all future payments until the primary mortgage holder forecloses.

In that case the lender may hold back 10 % of the mortgage money from each mortgage draw, and the lender will be liable to the owner and any lien holders if it fails to fulfill its obligations in relation to the holdback.