Sentences with phrase «secondary lien holder»

If the asset does not sell for more than what the primary loan can be satisfied, the secondary lien holder gets nothing.

Secondary lien holders can effectively block any modification efforts.

Not exact matches

* 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.

One of the key issues at play is what happens to junior lien - holders (JP Morgan Chase alone has over $ 130 billion worth of secondary loans in its portfolio) in the event of modifications.

A judgment attachment is most often a secondary lien that allows the creditor to receive money from the sell of the asset after primary lien holders have been paid and before the owner realizes any equity.

If a homeowner goes into foreclosure, secondary liens are wiped out and the lien - holder is left with nothing.