Sentences with phrase «second lien lenders»

Not exact matches

IN: DFI First Lien Mortgage Lending License 21573; DFI Subordinate Lien Mortgage Lending License 21574 MI: First Mortgage Broker / Lender License FL0017723; Second Mortgage Broker / Lender Registrant License SR0017724.

Although not a second mortgage, when a lien is placed against your home, you must pay the lender off completely to remove the lien.

«If the new maximum FHA loan is not enough to pay off the existing first lien, closing costs and arrearages,» said HUD, «the lender may execute a second lien at closing to pay the difference.

* 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.

You can pretty much guess that a lot of lenders will not be thrilled with this notion, especially holders of second liens who are likely to lose much or all of their investment.

One alternative is to refinance with another lender by paying off the first lenders, terminating the original lien, and getting a larger secured loan from the second lender.

Another alternative is to find a lender willing to take a second - position lien or to make an unsecured loan.

Mortgage lender (second lien and beyond)-- provides some money for the purchase, but in foreclosure gets paid after the first lien lender.

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

HELOCs and HELOANs are also called «second mortgages» because their liens are «junior» to the lien held by the lender with the first mortgage.

Some lenders call a second mortgage a «junior lien.»

McNeal, after filing for bankruptcy under a Chapter 7, reported that her mortgage was subject to two mortgage liens, $ 176,413 held by the primary lender and a second priority loan in the amount of $ 44,444.

Consequently, lenders do not discover that they hold a third, fourth, or fifth lien on a property (rather than the expected second lien) until later.

Most lenders have stopped offering second mortgage programs but our second mortgage lenders continue to extend credit to people with second liens that meet the program parameters.

If your current car still has a title loan with a remaining balance, you won't be able to get a second title loan because the lender, whether it be LoanMart or another company, has a lien on the title.

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.

Your lender may require you to certify that there are no junior liens (such as a second mortgage) on your home.

Typically when you apply with lenders, many will try and talk you into refinancing the 2nd loan at the same time you redo the 1st lien, otherwise you will have to get the second mortgage company to agree to complete a subordination agreement.

In addition, most lenders won't refinance a home if the total liens (first and second mortgages) exceed the value of the home — this program allows that.

I figured I should wait until I'm told that the 2nd lien is cleared by the second lender.

We can even help you find a lender for a second - lien on your vehicle (if it is not currently paid off).

Malcolm has extensive experience representing lenders and borrowers in secured and unsecured debt financings, including syndicated senior bank credit facilities, first and second lien financings, asset - based (ABL) credit facilities, mezzanine and other subordinated debt financings, debtor - in - possession financings, public and Rule 144A debt offerings, and convertible debt transactions.

In the corporate finance arena, Patrick has significant experience representing borrowers, acquirers, issuers and lenders in a variety of syndicated, club and bilateral financing arrangements, including first and second lien structured facilities, investment grade financings, leveraged acquisition financings, mezzanine financings, and multicurrency and cross-border collateral facilities.

Second, in the 2nd - 4th contract communication with the primary lender's negotiator that was restricted to email only — hindering the transaction of a property that had three liens.

If, however, there is no buyer for the property you have up for sale, most lenders will place a lien on the property, thereby making that bridge loan a kind of second mortgage.

With a second mortgage, the second lender is second in line to get paid if a lien is ever put on the home.

For example, lenders could fund a loan for which the title search identifies an unreleased lien on the property «without going through the pain of releasing the lien» if a subsequent credit report shows the second loan has a zero balance, he says.

Experience with different lenders will tell you, for example, whether the process will extend beyond your buyers» time frame or the holder of a second lien will stand in the way of the sale.

First - lien lenders would likely be repaid in full, with second - lien lenders getting the majority of the equity in the reorganized company, according to one of the people.

Guarantee does not apply to events beyond the control of Xceed, including appraised value, borrower / seller / third - party delays, outside second lien holder approval, short sale approval, lender conditions that can not be met by any party, or acts of God, i.e. inclement weather.

IN: DFI First Lien Mortgage Lending License 21573; DFI Subordinate Lien Mortgage Lending License 21574 MI: First Mortgage Broker / Lender License FL0017723; Second Mortgage Broker / Lender Registrant License SR0017724.

The ease at which lenders have offered to finance all or most of the purchase price, second mortgages that place a lien against the homeowner's equity, a depreciating real estate market, and long term financing with minimal principle reduction have all contributed to this phenomena.

A: Your lender is in a first lien position and the Federal Housing Administration is in a second lien position.

For example, if the lender is foreclosing its second mortgage, the first mortgage will still be a valid lien against the property.