i have a 2nd mortgage against my house, what happens to it if i sell my house?
610967
the first mortgagor gets their money first,  and no one is going to buy if both nortgages are not paid as there will still be a lein on the property
362282
First you have to put your home back on the market and sell it again to someone else.  If the house sells for a lower purchase price than the previous deal then you can demand that the difference be deducted from the deposit provided by the first buyers and any remaining balance be returned to them.  If the house sells for more than the previous deal then you have to instruct that the entire deposit be returned to the first buyers, since you had no damages.\n\nThe foregoing assumes that:  (1) your original contract with the first buyers did not address the issue of a default by the buyers; and (2) that you did not default under the original contract.  If the original contract addressed the possibility of a default by the buyers then the contract will be controlling.  If you defaulted (for example, refusal to make agreed-upon repairs) then this whole mess is going to court and anything can happen.
1032606
if you can find a lender\nthe problem is you already have a lien on your property from first mortgage \nand in case of foreclosure the first mortgage holder  could sell for what is owing and the other company would get nothing as they are the second lien holder
1063362
Howdy. I live in Texas and have had a few real estate dealings. It sounds to me like you don't have much of a case. If you signed the FMV form, that's all that necessary, since the lender usually fills the thing out and submits it to you for approval. The lender's signing is an implied agreement, given that they provided the value figures on the form. Remember, lots of things in the Texas Constitution have been amended by legal precedence over the years, without those cases being included IN the Constitution.\n\nEven if you have a leg to stand on with no actual second signature, I would bet that a judge would side with the lender in your case, simply due to that old standard legal mumbojumbo that says "this is what is commonly accepted as proper legal practice".\n\nYou might also want to check with your original lien holder to see if they have any input on the lender who holds your second lien. Sometimes, these home equity folks tend to be a little shady in the way they do things. If you call them on it, they may back down from foreclosure or give you some alternatives to losing your house.\n\nGood luck, whatever you decide to do.\n\nFiveStarAuthor@aol.com\n\n(I've edited several books on real estate, so I actually do know something about this subject, though I'm hardly an expert.)
600493
Okay, here is the deal--\n\nIf they had a mortgage and they have decent credit and equity in the house, they could get a 2nd mortgage/equity line of credit.  That line of credit is considered a 2nd mortgage and it is recorded on the deed just like the first mortgage was.  They can indeed lose their house, either lender can decide to forclose on the house for missed payments.  Usually what happens is the first mortgage holder buys out the 2nd and then forcloses on the house.  \n\nIf they got a 2nd mortgage, they probably got a checkbook, so they could have written a check and gotten cash to give to Scott, but it was still a 2nd mortgage.  Payments will be due just like the first mortgage, every month.\n\nIf they aren't getting enough to pay both, they should immediately contact the first lender and see if they can refinance with both their mortgage and the equity line of credit.  This might be difficult because they have used all their equity in their house, so they are reborrowing for full value of the house and the bank might not go for it.  \n\nIt would be terrible for these people to lose their home because they tried to help somebody out.  I hope they can all find a solution.\n\nThey might also contact www.naca.com  \n\nIt's a non-profit housing advocacy group and they do some refinancing.  They are very much about people keeping their homes, so they might be able to help you where a bank might be less helpful.  \n\nGood luck!
984560
You create a contract for deed, and she pays you like any other bank, you pay your mortgage.\n\nMost mortgages have a "due on sale" clause, which means that if they find out you have sold your home, they can call the mortgage due.  So be careful.  If it's paid on time, may not be a problem.  If you don't record your contract, they may not find out.  But it is a potential risk.\n\nYou should contact a real estate attorney to advise you and handle the documents and the sale.  Gather up your mortgage documents from when you did your last closing and bring them to the attorney.
104864
You can not "give back" a house, manufactured or otherwise. you can pay it off early, however depending on the loan you might have a prepayment penalty. If the bank "takes back" a home it is considered a foreclosure, and then you can kiss your dreams od buying stick built good bye for awhile (12 -24 months to get an affordable rate, plus you will not be able to finance as much of the loan). Your best bet is to sell the home, then buy one that is stick built. The problem is that your manufactured home has to be post 1976 in order to fall into HUD guidlines. If it is older than that then you need to find private funding as it can not be sold on the secondary market and no lender will finance it (has to qualify fanny or freddy). If it is newer than '76 talk to a realtor and get the house sold. There is nothing wrong with looking for, and drawing up a REPC on a house you would like while your other house is listed. You can make the purchase of the new home contingent on the sale of the old home. Or of you have good credit and make decent money, you can purchase the new home before the old home is sold. The old home just becomes a second home, or investment property depending on the distance from the old home to the new home. There are lots of options for you .. but "giving back" the man. home is not one of them.
851717
Strange, the title says "when I sell" and the question "I just sold".\n\nIf you are in the process of selling your house, the closing attorney or title company would not allow the sell to go through without paying off the second mortgage.\n\nIf you have already sold your house, there is nothing to worry about because the debt was discharged in your bankruptcy. You may want to check your settlement statement just to see if the 2nd mortgage was paid.\n\nMore than likely, if the person who bought your property ever try to refinance or sell the house, they will have to file a lawsuit against the title company because they did not accurately research the title to see that there was a 2nd mortgage (lien) on the property.
1069937
If you are being foreclosed on, chances are that when you eventually lose your home, the 1st lien holder will recover some or all of their money.  Anything left over will go to the 2nd lien holder.  \n\nThe reason 2nd liens charge higher rates than 1st liens is there is a lot more risk involved for those lenders.  They accept the fact that they will be in line behind the 1st lien holder in the event of a foreclosure.  \n\nAt that point, you are most likely off the hook for the mortgages on the home, but your credit will be destroyed for several years.\n\nIf you try to sell the home to avoid foreclosure, you may still need to repay both liens, regardless of whether they've "charged off" your 2nd.  How the bank treats your 2nd (as far as P&L) is their business for their own accounting sakes, and does not relieve you of your obligations to them.  Fortunately, your obligations are spelled out in the mortgage you signed, which in most cases limits your exposure to the property you put up as collateral (your home).  I do not believe they can come after any of your personal accounts, cars, possessions, etc. beyond the home, since you did not put any of those items up as collateral.\n\nI don't think banks pursue you beyond the collateral (the home), unless you've purposely damaged the home prior to foreclosure which forces the bank to sell your home at a bigger discount at auction or spend money to repair it prior to sale.  In that case, they may sue you.  But this is rare.
752838
Assuming the following facts:\n\n1) You were the owner and had a mortgage.\n2) You sold the property to another individual on either an assumable mortgage, or with your mortgage company's permission "transferred" the loan to the current owner.\n3) The new owner failed to pay.\n\nIf the loan was assumable, depending on your mortgage company and how long the new owner has been paying, you might or might not be responsible for the loan.\n\nIf the loan was "transferred", based on the new owner's ability to get a loan on their own credit, you might not be responsible for the loan.\n\nHard to know without knowing the whole story and checking with your original mortgage company.
419203
We qualify people all the time with the old home "retained as a rental."  You can use market rent for your area to offset the mortgage on the existing home to keep your ratios down.  You are running the risk that you will end up responsible for two mortgage payments if you can't sell your current home quickly enough.  In my area, that's not a problem because the market is hot (that's why no seller will accept a buyer's offer if it's contingent on selling the current residence... there are so many buyers out there that they don't have to.)
27709
We recently purchased a new house and wanted to sell, and reinvest the money into a new one... we called the IRS directly to find out if we'd be charged a capital gains tax, and the answer was yes.  If you sell your primary residence within 2 years, you will be charged a capital gains tax.  However, there could be good news...\n\nLast year if you made 49,5k or less you were only charged a 5% capital gains tax.  If you made more than that, you would be charged 15%.  To help maybe smooth the hit over on your $35k taxes...\n\nYou subtract legal, agent, long-term house upgrades from that number and only claim that as profit from the sale.  So if you made 35k from the sale, but your agent's fees were 10k, legal were 5k and house improvements to the old house were 1k, you would only claim 19k.  \n\nPlease, please please double check this with the IRS and/or your accountant.\n\nOh - and if you moved because you either lost your job, or relocated to a different state (and there are some other things), you could be exempt altogether from the tax.\n\nGood luck!!
173431
no. they come off the value of your house when you go to sell it. meaning less profit for the you to show the irs.
816734
If you can figure out anything else to do, don't get a second mortgage.  They are too easy to not pay (at least you don't have to pay very much on them) and so they hang around forever and then mess you up when you want to sell your house.
1056598
Yes, as you pledged your house as collateral for that 2nd mortgage. It's secured debt!
289694
If you owned the property outright, you could just sign a quit-claim deed over to another person.  If this property and mortgage is in yours and another person's name, the other person will have to arrange to have the mortgage in just their name first before you can sign it over to them.  Best thing is to check with who you have the mortgage with.
944453
You should contact the mortgage company financing your loan and let them know what happened.  As the lien holder on the property, they need to know the house is damaged and might be able to offer some suggestions.  Perhaps they will allow you to sell it for less than the balance on the loan, which is called a short sale.  List the home with a Realtor and sell it as-is.  If the mortgage company approves the short sale, they will pay the commission on your behalf.  As far as the insurance company, continue fighting.  It's ridiculous how they don't mind taking our money, but when it comes to giving some of it back, forget about it.\n\nGood luck to you!