California Second Mortgage with Mortgagor's Recertification of Representations, Warranties and Covenants in First Mortgage
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FAQ
Like first mortgages, second mortgages are secured by real estate. But because they are ?junior? to first liens, second mortgage holders are second in line to get paid. The more equity you have in your home, the more likely second mortgage lenders are to foreclose on your residence.
Over time, as the homeowner makes good on their monthly payments, the home also tends to appreciate in value. Second mortgages are often riskier because the primary mortgage has priority and is paid first in the event of default.
Due to the California anti-deficiency law, second lien holders are at risk of losing their entire investment during a second mortgage foreclosure. Los Angeles residents holding this kind of lien need to be aware of their options.
You will always know the second could foreclose at any time. You will have an idea when this will happen because you it will be when the FMV of your home is in excess of the first mortgage by enough to make it worth foreclosing to the second mortgage lender.
Second mortgages are called that because they are secondary to the main, primary mortgage used for the home purchase. In the event of a foreclosure, the primary mortgage gets fully paid off before any second mortgages get a dime. They are second liens, behind the first lien of the primary mortgage.
A silent second mortgage is a second mortgage placed on an asset (such as a home) for down payment funds that are not disclosed to the original lender on the first mortgage. The second mortgage is called "silent" because the borrower does not disclose its existence to the original mortgage lender.
Legally, there isn't a limit on how many times you can refinance your home loan. However, mortgage lenders do have a few mortgage refinance requirements you'll need to meet each time you apply for a loan, and some special considerations are important to note if you want a cash-out refinance.
