South Dakota Second Mortgage with Mortgagor's Recertification of Representations, Warranties and Covenants in First Mortgage

State:
Multi-State
Control #:
US-0385BG
Format:
Word; 
Rich Text
Instant download

Description

A second mortgage is a lien on a property which is subordinate to a more senior mortgage or loan. Called lien holders positioning the second mortgage falls behind the first mortgage. This means second mortgages are riskier for lenders and thus generally come with a higher interest rate than first mortgages. This is because if the loan goes into default, the first mortgage gets paid off first before the second mortgage. Commercial loans can have multiple loans as long as the equity supports it.
Free preview
  • Preview Second Mortgage with Mortgagor's Recertification of Representations, Warranties and Covenants in First Mortgage
  • Preview Second Mortgage with Mortgagor's Recertification of Representations, Warranties and Covenants in First Mortgage
  • Preview Second Mortgage with Mortgagor's Recertification of Representations, Warranties and Covenants in First Mortgage
  • Preview Second Mortgage with Mortgagor's Recertification of Representations, Warranties and Covenants in First Mortgage
  • Preview Second Mortgage with Mortgagor's Recertification of Representations, Warranties and Covenants in First Mortgage
  • Preview Second Mortgage with Mortgagor's Recertification of Representations, Warranties and Covenants in First Mortgage

Related forms

form-preview
South Dakota Horse Rental Agreement, Waiver, Release and Indemnification Agreement for a Rental Agreement with a Minor at a Camp or under Wilderness Circumstances

South Dakota Horse Rental Agreement, Waiver, Release and Indemnification Agreement for a Rental Agreement with a Minor at a Camp or under Wilderness Circumstances

View this form
form-preview
Tennessee Horse Rental Agreement, Waiver, Release and Indemnification Agreement for a Rental Agreement with a Minor at a Camp or under Wilderness Circumstances

Tennessee Horse Rental Agreement, Waiver, Release and Indemnification Agreement for a Rental Agreement with a Minor at a Camp or under Wilderness Circumstances

View this form
form-preview
Texas Horse Rental Agreement, Waiver, Release and Indemnification Agreement for a Rental Agreement with a Minor at a Camp or under Wilderness Circumstances

Texas Horse Rental Agreement, Waiver, Release and Indemnification Agreement for a Rental Agreement with a Minor at a Camp or under Wilderness Circumstances

View this form
form-preview
Utah Horse Rental Agreement, Waiver, Release and Indemnification Agreement for a Rental Agreement with a Minor at a Camp or under Wilderness Circumstances

Utah Horse Rental Agreement, Waiver, Release and Indemnification Agreement for a Rental Agreement with a Minor at a Camp or under Wilderness Circumstances

View this form
form-preview
Vermont Horse Rental Agreement, Waiver, Release and Indemnification Agreement for a Rental Agreement with a Minor at a Camp or under Wilderness Circumstances

Vermont Horse Rental Agreement, Waiver, Release and Indemnification Agreement for a Rental Agreement with a Minor at a Camp or under Wilderness Circumstances

View this form

How to fill out Second Mortgage With Mortgagor's Recertification Of Representations, Warranties And Covenants In First Mortgage?

US Legal Forms - among the biggest libraries of lawful kinds in the United States - delivers an array of lawful papers layouts it is possible to obtain or print. Making use of the website, you can get 1000s of kinds for company and specific functions, categorized by classes, says, or keywords and phrases.You can get the most up-to-date variations of kinds like the South Dakota Second Mortgage with Mortgagor's Recertification of Representations, Warranties and Covenants in First Mortgage within minutes.

If you already have a membership, log in and obtain South Dakota Second Mortgage with Mortgagor's Recertification of Representations, Warranties and Covenants in First Mortgage from the US Legal Forms library. The Obtain switch will appear on every type you view. You gain access to all in the past downloaded kinds in the My Forms tab of your respective account.

In order to use US Legal Forms the first time, listed here are easy guidelines to obtain started off:

  • Make sure you have picked out the best type to your metropolis/area. Select the Preview switch to analyze the form`s content material. Browse the type description to actually have chosen the right type.
  • In the event the type does not satisfy your needs, use the Research industry towards the top of the display screen to discover the the one that does.
  • In case you are content with the form, confirm your choice by clicking on the Buy now switch. Then, opt for the prices strategy you want and provide your qualifications to register for an account.
  • Process the deal. Use your charge card or PayPal account to accomplish the deal.
  • Choose the formatting and obtain the form on your product.
  • Make changes. Fill out, revise and print and indicator the downloaded South Dakota Second Mortgage with Mortgagor's Recertification of Representations, Warranties and Covenants in First Mortgage.

Each web template you added to your bank account does not have an expiration day and it is yours permanently. So, if you wish to obtain or print another version, just go to the My Forms section and click in the type you need.

Obtain access to the South Dakota Second Mortgage with Mortgagor's Recertification of Representations, Warranties and Covenants in First Mortgage with US Legal Forms, probably the most comprehensive library of lawful papers layouts. Use 1000s of professional and state-distinct layouts that meet your company or specific needs and needs.

Form popularity

FAQ

TL;DR: The primary mortgage market is used for homebuyers and lenders. Lenders finance a borrower's purchase of a home. The secondary mortgage market is between lenders and mortgage investors. Lenders will sell the debt to the investor who will buy it to make a profit.

First Mortgagee means any person named as a mortgagee or beneficiary in any First Mortgage, or any successor to the interest of any such person under such First Mortgage.

A second mortgage, however, allows you to use your home's equity and put it to work. Instead of having that money tied up in your home, it's available for expenses you have right now. This option can be a help or a hindrance, depending on your financial goals.

44-8-26. Collateral real estate mortgages. A mortgage which contains the following statement in printed or typed capital letters: THE PARTIES AGREE THAT THIS MORTGAGE CONSTITUTES A COLLATERAL REAL ESTATE MORTGAGE PURSUANT TO SDCL 44-8-26, is subject to the provisions of this section.

A first mortgage is a primary lien on the property that secures the mortgage. The second mortgage is money borrowed against home equity to fund other projects and expenditures.

The Bottom Line Because the second mortgage also uses the same property for collateral as the first mortgage, the original mortgage has priority on the collateral should the borrower default on their payments. If the loan goes into default, the first mortgage lender gets paid before the second mortgage lender.

Trusted and secure by over 3 million people of the world’s leading companies

South Dakota Second Mortgage with Mortgagor's Recertification of Representations, Warranties and Covenants in First Mortgage