Home Foreclosure of a Second Mortgage

Home foreclosure of a first or second mortgage almost always contain fraud under Federal Uniform Commercial Code of law and State statutes.

If you have a first or second mortgage on your home or commercial property? It could be foreclosed on if you are behind on payments. Did you know that your second mortgage could face home foreclosure or commercial property foreclosure also without the first mortgage being foreclosed on? This could happen very easily if you get behind on your second mortgage loan payments on the same property.

1. What is a Second Mortgage?

2. Is a HELOC considered a second mortgage?

3. Can a second mortgage be in home foreclosure?

4. Can a second mortgage lien be released along with the first mortgage in court?

5. What actions should I take to save my home or commercial property?

A second mortgage is a subordinate mortgage secured loan recorded on real property after the first mortgage that allows the homeowner to use their home equity to generate need cash. A second mortgage is usually kept in-house, meaning that the lender does not sell them into the secondary market as they do the first mortgage. Also, the interest rate charged for the second mortgage is a lot higher and the amount borrowed is lower than for the first mortgage amount. Second mortgages can take many forms and designs.

A Home Equity Lines of Credit (HELOC) is a particular form of a Second Mortgage and usually an interest only loan. In an interest only loan the borrower pays only the interest, leaving the entire amount of the principal owed. The interest rate can reach up to a 14% rate making this second mortgage loan very costly. A HELOC can be paid off many times to a zero balance and the home owner can borrow against the HELOC until he/she/they decide to eliminate the loan and discharge the lien when a zero balance occurs. The HELOC only lasts a year or two years in duration with most Lenders.

A second mortgage can and have been in home foreclosure. This home foreclosure of a second mortgage occurs when a borrower falls behind on payments. When this happens the lender can foreclosure and get the property or home much cheaper and should wipe out the first mortgage, but in many cased, the first mortgage lender can come after you for the first mortgage amount owed. It is best not to fall behind on any mortgage loan.

The second mortgage lien can be released along with the first mortgage lien in court by what is called a quiet title law suit where the home owner sues the lenders, bank servicer, investor, trust, trustee, and all other entity that claims to hold an interest in the home or property. In your county circuit court, the judge hears all the evidence and decides whether he or she wants to sign a final order to release the mortgage lien(s). After the judge signs the mortgage lien release order, it is recorded and the homeowner has no more mortgage or foreclosure pending. This final order is also sent to the 4 major credit bureaus and all the foreclosure and mortgage information is erased from your credit reports permanently. Before a home owner can do a quiet title law suit, permissible evidence must be gathered.

The actions you must take to save your home or commercial property is to make sure you have the proper and legal evidence against the lender and banks. This evidence includes:

(1) an administrative process that proves that the servicing bank does have the original note and mortgage and that they are only a third party debt collector under State and Federal laws;

(2) a securitization audit/analysis that proves the fraud committed, the separation of the note and mortgage, the improper chain of title where the lender and banks do not follow their own rules and regulations in their own Pooling and Servicing Agreement, PSA; and

(3) a quite title law suit with a knowledgeable attorney in bank securitization and UCC laws. With these three steps completed, the home owner or commercial property owner should be mortgage lien free with no more first or second mortgage lien.

Home foreclosure of a first or second mortgage almost always contain fraud under Federal Uniform Commercial Code of law and State statutes.

There is a web site that provides the proper evidence with an expert witness and helps home owners and commercial property owners in every State fight the bank foreclosure and win your quiet title law suit almost always, resulting in a first or second mortgage lien release and loan removal and stop home foreclosure on the average of 7 months. To learn how we can help you win against the dirty foreclosing banks, please visit www.1RealEstateHomes.com now.