Are second mortgages public record?

Mortgages are part of the public record. Simply contact the recorder of deeds office in your county and run a search for your property. Many recorder’s offices even have free online databases that you can search from your personal…

Can you find out how much someone owes on their mortgage UK?

When it comes to mortgages, the borrower’s name, property address and amount owed are considered public record. That means anyone can conduct a search and obtain this information. This information gives potential buyers an idea of how much money is still owed on the home.

How do I get rid of a second mortgage?

In order to remove your second mortgage off your property you must initiate an adversary proceeding or file a lien stripping motion with the court. Most courts require that you file a lien stripping motion that will allow you to obtain a court order approving the removal of your second mortgage.

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What happened to my second mortgage?

When you don’t make payments on a second mortgage, second mortgage lenders can foreclose on your property. But because they’re “second” in line to get paid, they could get nothing from the sale. If this happens, depending on state law, these lenders can sue you for repayment.

How can you find out if someone is behind on their mortgage?

Review Default Notices You can easily see if this exists by simply calling the county clerk’s office or by visiting their website. Those that have a page like this will list the property information, date of default and the balances owed on each of the mortgages on the property.

What is the difference between what a house is worth and what is still owed on it?

The hope is they’ll sell it for more money than they paid for it, or at least more money than they still owe on it. The difference between what you owe on the home and what it’s now worth is your home equity. To determine your home equity, you simply subtract what you owe on your home loan from what your home is worth.

How can I get rid of a second mortgage without a loan modification?

Filing for bankruptcy can eliminate your second mortgage debt. If an appraiser determines the value of your home is less than your first mortgage, or is upside down, Chapter 13 lien stripping may be possible. The bankruptcy court essentially converts your second mortgage into an unsecured debt.

Can a second mortgage be discharged?

More specifically, it is possible to eliminate a second mortgage in a Chapter 13 proceeding that immediately follows a Chapter 7 discharge. If the second mortgage is not secured by any value, the lien can be stripped away without paying anything to the second mortgage lender.

Can a 2nd mortgage holder foreclose?

Yes, a second mortgage holder can foreclose, even if you are current on your first mortgage. Just like any type of loan, if you are behind on your payments, the lender has the legal right to take whatever property was offered as collateral on the loan.

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What happens to a second mortgage when the first is paid off?

Once your first mortgage has gone the way of the dodo, your secondary mortgage jumps up to become your new primary. This is known as lien position. For example, you get Loan A in 2009 against your house.

How do you find out if there is a second mortgage on a house?

Mortgages are part of the public record. Simply contact the recorder of deeds office in your county and run a search for your property. Many recorder’s offices even have free online databases that you can search from your personal…

How long are second mortgage terms?

Second mortgage loans usually have terms of up to 20 years or as little as one year. The shorter the term of the loan, the higher the monthly payment will be.

What is public records in US mortgage?

The public record of a mortgage document shows: The names of the borrowers, The location of the property, The property description in legal terms, Whether the loan is in good standing, and any.

What is total amount owed on home?

Total Amount Owed means the principal sum stated above, Service Fees, Payoff-Statement Fees, Late Charges, Advances, and any other fees, costs, expenses, and charges due under the Loan Documents together with interest accruing at the Interest Rate (or Default Rate, if applicable) on all of the foregoing.

How do I find out the remaining balance on my mortgage?

Probably the simplest way to find out how much is left on your mortgage is to check your mortgage statement. Look for an item labeled “principal balance.” That’s how much you actually owe, and the interest you pay is charged on that amount.

How much equity can I get in my home after 5 years?

In the first year, nearly three-quarters of your monthly $1000 mortgage payment (plus taxes and insurance) will go toward interest payments on the loan. With that loan, after five years you’ll have paid the balance down to about $182,000 – or $18,000 in equity.

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What is upside down mortgage?

Because you owe more than your home is worth, your mortgage is considered “underwater.” Sometimes you’ll also hear the term “upside-down” to describe an underwater mortgage. An underwater mortgage is a mortgage loan that is more than the current value of the property. Sometimes you’ll also hear the term “upside-down.”

Does equity count towards down payment?

Can You Use a Home Equity Loan to Make a Down Payment on a Home? Yes, if you have enough equity in your current home, you can use the money from a home equity loan to make a down payment on another home—or even buy another home outright without a mortgage.

Is a second mortgage unsecured debt?

The second mortgage (or other junior lien) you strip is treated as a nonpriority unsecured debt when you file your bankruptcy. Just like medical or credit card debt in Chapter 13, you don’t have to make payments on this debt outside of your bankruptcy.

Why is my second mortgage Not on my credit report?

Your mortgage may not show up on your credit report if your lender doesn’t report to credit bureaus, if your mortgage is new and hasn’t been reported yet, or if there’s an error on your loan paperwork, among other reasons.

Can a lender foreclose if you don’t make your payments on a home equity loan?

A home equity loan can be risky because the lender can foreclose if you don’t make your payments. However, in some states, the lender can not only take your home but continue to come after you if that home sale isn’t sufficient.

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