Indiana Second Mortgage with Mortgagor's Recertification of Representations, Warranties and Covenants in First Mortgage
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FAQ
Getting A Second Mortgage A second mortgage will become a subordinate loan. If you repay the primary loan within the term of the second mortgage, the second mortgage can take its place as the primary loan.
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.
So what is the difference between the two? A first mortgage is the primary loan that you take out to purchase a home. A second mortgage is a loan that you take out in addition to your first mortgage. It is usually used to finance home improvements or to cover other costs associated with buying a home.
First mortgages are almost always recorded before any other liens are, and are high on the lien-priority ladder. Second and third mortgages: More than one mortgage can be taken out on a property. Second and third mortgages will have a lower priority than the first mortgage.
Liens generally follow the "first in time, first in right" rule, which says that whichever lien is recorded first in the land records has higher priority than later recorded liens. For example, a mortgage has priority over a judgment lien if the lender records it before the judgment creditor records its lien.
To Pay Off Another Loan or Debt Yep. (Do we recommend doing this? Nope.) Many people use their second home mortgage to pay off student loans, credit cards, medical debt or even to pay off a portion of their first mortgage.