· An equity loan can cost you your home, just the same as a primary mortgage. Your equity loan is a contract. If you default on that contract, the other party, the lender, has the right to claim its collateral. The foreclosure process is more complicated when a home equity lender wants to foreclose, due to a first lien.
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Can a second mortgage foreclose and pay off first that is in the modification process? Find answers to this and many other questions on Trulia Voices, a community for you to find and share local information. Get answers, and share your insights and experience.
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Commonly, the violation of the mortgage is a default in payment of a promissory note, secured by a lien on the property. When the process is complete, the lender can sell the property and keep the proceeds to pay off its mortgage and any legal costs, and it is typically said that "the lender has foreclosed its mortgage or lien".
With both nonjudicial and judicial commercial foreclosures, the process starts when the borrower defaults on the mortgage. A default occurs when the borrower falls behind in payments or fails to do something that the loan documents require, such as maintaining hazard insurance on the property.
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Gaitan to 20 months in federal prison without parole. guilty and been sentenced in the mortgage fraud scheme that lasted from February 2005 through May 2007. All of the fraudulent loans went into.
Because so many mortgages were sold and bundled as securities, many lenders have no idea who actually holds title on properties being. default, but what’s not at issue is the need for initiating.
NEW HAVEN >> A 58-year-old former loan officer will serve five years in prison for his role in a mortgage fraud scheme connected. Prosecutors said nearly all of the properties went into default and.
The first step on the path to foreclosure is missing a mortgage payment or making it late. One late payment, however, does not lead to default. Most lenders allow a grace period of 10 to 15 days.