How can I get rid of my second mortgage?

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 position mortgage foreclosure?

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.

What can you do if your house is in foreclosure?

Selling a foreclosed home after foreclosure has begun. You can sell your home up until it is sold at auction or the bank takes possession of your house. During this period of time, the home is considered to be in “pre-foreclosure” and you can try to settle your debts with the lender.

Are there any free foreclosure search sites out there?

And for the most part, you can use your web browser and perform your searches from home. Even better, most of these services are offered for free or with a small subscription that usually includes a free trial period. REO is a term used to describe a property that has reverted back to the lender after a foreclosure auction has not found a buyer.

How to find a foreclosure on Trulia.com?

To find foreclosures using Trulia, perform a basic search by town, then use the More search filter and select Foreclosures for the type of sales listing.

What happens if I Sell my House when it is foreclosed?

You won’t own your house anymore, but you won’t have the house foreclosed upon, which would do serious damage to your credit. If you decide to sell, tell your lender that you plan to list the property for sale with the intention of paying off the mortgage.

Can a second mortgage be used to foreclose a home?

Second mortgage foreclosure is a possibility for your lender if you don’t pay your loan. The bank may start proceedings if you have equity. Otherwise, they will sue you and get a judgment to collect in other ways. A home equity loan is secured.

Selling a foreclosed home after foreclosure has begun. You can sell your home up until it is sold at auction or the bank takes possession of your house. During this period of time, the home is considered to be in “pre-foreclosure” and you can try to settle your debts with the lender.

Can a second lienholder foreclose before the first?

A second lienholder can foreclose before the first. If you keep up payments on your primary, but not your junior, loan. The junior lienholder may foreclose. Can You Lose Your Home to a Second Mortgage Foreclosure?

Can you get free foreclosure information on Zillow?

Pre-foreclosure information is free after you register with a free account. Be aware that a home listed under the pre-foreclosure category is a home that is not necessarily for sale. But, since the homeowner is in default on his loan, he may welcome an opportunity to find a qualified buyer who can help him avoid possible foreclosure.