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Financial Articles Related To Wisconsin

 

Is it possible to foreclose with a second mortgage in Wisconsin?

Foreclosure fillings in Wisconsin is continuing at higher levels according to newly released data Wisconsin added another 1,950 foreclosure in second half of 2009, bringing total foreclosure around 11,000. The causes of this increased foreclosure in Wisconsin state is with consistent record number of mortgage defaults nationwide, a adjustable rate mortgage resets, collapse of sub prime mortgage and soft housing market has forced home owner to foreclosure. In addition, deteriorating housing market along with flood of foreclosure made difficult for home owners to quickly sell their home to avoid foreclosure.

But there is a case where home owners have second mortgage. I come across many people asking is it possible to foreclose with second mortgage. So I decided to discuss about this.

Yes it is possible to foreclose with second mortgage. The second mortgage lender can initiate foreclosure process if you fall behind the payment on second mortgage even though you are current on the first mortgage. The second mortgage holder has a right to foreclose if the mortgage is in arrears. However, even if the second mortgage lender forecloses the property, the first mortgage lenders gets paid first and remaining money after covering the first mortgage will be utilised for clearing second mortgage. For example, if the home is sold at $100,000 and when the first mortgage has a balance of $75,000, it is covered first and the remaining balance is used to clear the second mortgage. If the remaining amount does not fulfil the second mortgage then the second lender can file deficiency judgment against the property borrower.

Any mortgage lender either first or second can try to foreclose the property, but generally only the first mortgage will be paid first through the proceeds of the sale. If the sale proceeds does not cover the first mortgage itself then in such a case it make more sense for the second mortgage lender to work out with borrower to find a solution, since it is hard to recover the amount through sheriff sale.

Working out with borrower to recover the loan is best idea for the second mortgage lender because with the present declining market, second mortgage is hard to recover as the first mortgage is itself more than the property worth.

If the property is foreclosed at auction then the proceeds will be utilised as in case of general foreclosure process regardless of which mortgage lender had initiated the process, first or second. First the property taxes are paid off, since the government want to get their money as soon as possible. Then the first mortgage is paid off from the proceeds of the foreclosure that are left out. Unfortunately, in the present housing market condition it is hard at least to recover entire first mortgage.

After the first mortgage is cleared, then any other liens pending like second mortgage is paid with left out amount. If the remaining amount doest covers the second mortgage than the second mortgage lender can file the deficiency judgment against the borrower. But in case the borrower files bankruptcy, then the deficiency judgment owes can be cleared over from the borrower.

 
Available in the following Wisconsin Cities:

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Appleton
Eau Claire
Green Bay
Kenosha 		La Crosse
Madison
Milwaukee
Oshkosh

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Wisconsin Economy- The national bureau of economic research recently stated that since dec 2007 the US economy has been in recession. The current trend of state economic indicators shows that Wisconsin is also in a recession, the two major factors that have intensify the expected decline of the current cycle are the freezing of the credit market and global financial crisis. Unemployment rate of Wisconsin is expected to peak to 8.7% in the late 2009 and early 2010. The unemployment for 2009 is mainly driven by extensive job losses in the manufacturing trade, construction; professional and business service sectors and transportation and utilities. The housing sector in Wisconsin did not experience the steep growth in past year and did other parts of the country, which will reduce the negative impact from the burst of the bubble. However Wisconsin has not yet reached the bottom.