2nd Lender Mortgage

Andy Said:

i want to buy a foreclosure property forclosed on by a 2nd mortgage lender.If I become the highest bider what?

We Answered:

You become responsible for the payments on the first mortgage. The second mortgage holder foreclosed to protect their second lien position. Their payoff, in all probability, includes payments they have been making to the holder of the first mortgage holder to keep the first mortgage out of default.

In addition, you will want to check your state's statutes to determine whether any other lien holders have a right of redemption ( the second holder has, most likely, cleared all liens) and that the property taxes are current.

I agree with the previous responder, the services of an experienced real estate attorney could save you a fortune and a lot of grief.

Terrence Said:

Does anyone know of a mortgage lender that will offer a 2nd mortgage on a home with a bankruptcy 12 months ago

We Answered:

None that I know about. Most want a first deed of trust with you taking cash out. Once out 24 months then many conforming lenders will do this loan.
I am a mortgage banker in TN & KY

Jessie Said:

ok credit score, not perfect. lookin for 2nd (20%) mortgage lender for 10k. know anyone good???

We Answered:

You can't really use a loan (properly) to come up with your down payment. Loans have to be disclosed by law. SA realtors answer is correct. However, you are limiting yourself about lenders for that down payment. Look at your state agencies/local agencies about downpayment assistance. There are quite a few programs that assist with purchases to lower income borrowers/purchasers that need the downpayment. If <10k is all you need, you should also be able to start saving toward your downpayment. It may not take as long as you think, if you are truly disciplined and diligent. Good Luck!

Jennifer Said:

After a claim is paid by a mortgage lender's MI, can the MI collect from the borrower?

We Answered:

The MI company has EVERY RIGHT to seek collection. They should and they will. PMI/MI doesn't protect you, it protects the lender from borrower like you.

You can't just walk away.

Theodore Said:

Can a 2nd TD mortgage lender get a deficiency judgement in California if it was used to buy home?

We Answered:

It is full recourse in CA, but the first one is not.

Floyd Said:

Can a mortgage lender answer this for me?

We Answered:

If you can do a chapter 7, do that. However, I'm almost certain the commercial building would be forfeited and sold by the Bankruptcy Trustee unless there is no equity or you don't own it. Consumer Credit Counseling would hurt your credit while you are in the plan and would make it difficult to obtain a new mortgage. However, once your consumer credit counseling is paid off, your credit doesn't reflect that so it's only a problem while you are in the program. A Chapter 13 bankruptcy affects your credit longer than a Chapter 7 and is the least desirable option. If you have equity in your home, consider doing a debt consolidation loan unless you cannot qualify. You can deduct the interest on your taxes and your credit score will improve.

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