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Defaulting on a Second Mortgage: What You Should Know

When purchasing a home, people often take out more than one mortgage loan to accommodate other expenses. These loans can be used for covering the initial purchase of the property, carrying out a home remodel or renovation project, going on a vacation, or even paying for college fees. However, just like a primary mortgage loan, if you default on the payments of the second mortgage, you are likely to face a foreclosure. Whether the first or second lender initiates the process typically depends on the current value of your home. Understanding a Se...

Situations that Makes You Eligible for a Short Sale

Difficult times create financial problems for most homeowners, and in such circumstances, a short sale may seem to be the most viable option at their disposal. If you are in a similar situation, you should consider consulting with a short sale attorney who can provide legal guidance and enlighten you with the pros and cons of going for a short sale. They will also explain any other options you may have to overcome your current circumstances, verify the legal soundness of the short sale documents, and provide advice about personal liability afte...

Potential Errors by Mortgage Servicer Leading to Foreclosure

When borrowers acquire a mortgage loan for their home, they usually make monthly payments to companies, typically referred to as mortgage servicers. There may be a third-party handling payments for your original lender, such as banks. Mortgage servicers perform a number of responsibilities for the management of mortgage loans, such as: Collecting, recording, and processing monthly payments Sending statements to borrowers on a monthly basis Reviewing applications for loan modification and working out alternatives to foreclosure to help borrower...

Common Problems and Obstacles with Short Sales

When homeowners are behind their mortgage payments, lenders are left with no choice but to serve them a foreclosure notice. While you may have several options at your disposal, the best way about your situation is likely to be a short sale. It is a great way to settle your mortgage debt, while allowing you to avoid foreclosure altogether. However, the short sale process is not as easy as it may seem—you may encounter some problems that may hinder and delay the process. It is best to know about them beforehand so that you are able to overcome ...

Foreclosure and Divorce: What are your Options?

Dealing with a foreclosure while going through a divorce can lead to a number of issues. Generally, couples are seeking answers to questions like: Who will get the house? Who will pay the remaining mortgage debt? The responsibility of debt and the ownership of the house will be determined based on the particular circumstances of your marriage and laws affecting your situation. Who is Responsible to Pay the Mortgage? The answer to this question largely depends whether the mortgage loan was taken out before or after the marriage. In most cases, m...

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