Second Home Mortgage Lawsuits

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What is a Second Home Mortgage?

Nearly all home owners take out a mortgage when they first go to purchase a home.  This can be promising and exciting in the beginning.  However, in many cases, the home buyer then needs to take out a second mortgage, because they might have been having difficulty in making payments on the first mortgage.  A second mortgage might help them financially to keep their property.

Second home mortgages are also taken out for many purposes, such as paying off credit debt, or for saving money in the future.  This is because the interest from a second mortgage is often deductible (credit card debt usually isn’t).  Second mortgages can also be drawn for purposes like restructuring or remodeling the home.

What are Some Legal Issues of Second Home Mortgage Lawsuits?

Taking out a second mortgage is not without its risks.  While they can be helpful, a second home mortgage lawsuit can result for various reasons.  These can include:

Legal remedies in a second home mortgage lawsuit may vary depending on the situation.  In some cases, the court may allow the mortgage lender to levy on the person’s property if they need to make up for payments.  In some cases, a defense may be available for the homeowner (for instance, if the lender engaged in fraud or deceit during the signing phases). 

Do I Need a Lawyer for Help With a Second Home Mortgage?

Handling a second home mortgage can be complicated, and may require the assistance of a lawyer.  You may wish to hire lawyer if you need help negotiating and reviewing terms for a second home mortgage.  Your attorney can help you understand how a second home mortgage can help you.  Your lawyer can also represent you in court in the event that you need to file a lawsuit over a second home mortgage. 

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Last Modified: 04-25-2013 12:14 PM PDT

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