| Author |
Message |
smaloney75
Guest
0.10 Dollars($)
|
Post subject: selling home with 80/20 loan |
|
|
We have a first and second mortgage, set up as 80/20 loan when we bought our home. We are hoping to relocate to another city, but now owe more on our home than what it is worth. The sale of the home would cover all of the first mortgage and likely all but $5000 to $10000 of the second. What happens with the second mortgage? We realize we still owe it and don't want to default, so does this mean we keep paying it, or get a personal loan to cover it so it disappears? Do you know if the 2nd mortgage company also has to be alerted ahead of time so that the amount paid on the loan is paid to principal and not as though we are paying ahead (thus, the interest too)?
Thanks! |
|
 |
Niicss
Joined: 03 Oct 2005
Posts: 4770
Location: New Jersey
499.28 Dollars($)
|
|
Post subject: |
|
|
The second mortgage dues won't disappear. You will be liable to pay it off to the lender. You can negotiate with the lender to get a payment plan to pay off the loan. If you are selling off the property, then you will definitely have to inform the second lender about the same.
_________________
Good is the Enemy of Great. |
|
|
new
Guest
0.10 Dollars($)
|
|
Post subject: considering selling my house how do I start |
|
|
I want to sell my home to upgrade to something bigger how does this work and how do i know what I should be looking for price wise for the new home?
How do I estimate what I would be able to afford after selling. |
|
|
Niicss
Joined: 03 Oct 2005
Posts: 4770
Location: New Jersey
499.28 Dollars($)
|
|
Post subject: |
|
|
You can list your present property in the market in order to sell it off. If you've a mortgage on the property, then you will have to pay it off in full immediately after your property is sold off.
You should look out for a property which you would be able to afford. You can check out the given calculator in order to check out how much you would be able to afford:
http://www.mortgagefit.com/calculators/howmuch-afford.html |
|
|
Concern home owner
Guest
0.10 Dollars($)
|
|
Post subject: I need help |
|
|
Hi Jessica
My husband and I are having financial issues and we want to refinance our second home but we can't seem to find a bank that would help us because we don't have great credit. Our second home has a large amount of equity but we can seem to touch it..I really do not want to sell it. Also, we are renting it out because we can not afford the monthly payments. I was wondering what would you suggest we should do? Thank you |
|
|
Niicss
Joined: 03 Oct 2005
Posts: 4770
Location: New Jersey
499.28 Dollars($)
|
|
Post subject: |
|
|
As you do not have a good credit score, it would be quite difficult for you to qualify for a refinance though you've equity in the property. I would suggest you to improve your credit score first and then apply for a loan.
_________________
Good is the Enemy of Great. |
|
|
SCBaize
Guest
0.10 Dollars($)
|
|
Post subject: Qualifying for a Second Mortage |
|
|
What do I need to qualify for a second mortage?
How much down?
Does it matter the Square Footage compared to our first morage?
Do I have to pay all the cost and fees out of my own pocket or can I ask the bank to may some of them?
Is a second mortage different than a investment property loan? |
|
|
gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12330
Location: bloomfield, ct
50.03 Dollars($)
|
|
Post subject: |
|
|
you need equity in your home for a second mortgage lien to be placed.
i think you're confusing "second mortgage" with "another mortgage" - a second mortgage is literally a second mortgage, after the first, on your home that you reside in currently. it seems like you are asking about a mortgage for a different property - that's a whole different discussion.
_________________
George M. Akerley
Independent Contractor - Mortgage Consultant
Word of Excellence Editing/Writing/Proofreading
860-221-5044
|
|
|
Jony
Guest
0.10 Dollars($)
|
|
Post subject: Second mortgage |
|
|
| Dear Jessica. My house has first $ 320,000, and second $355,000. The first loan is under the process of Modification (Government Home Protection program). We are 3 months behind on the second mortgage. To day we received a letter from second mortgage bank "Acceleration Warning Notice of Intent to Foreclose" First and second are different landers. Question 1. Can this situation influence negatively to the modification process? 2. After bankruptcy discharged can second mortgage lander foreclose the house. 3. I have not done anything yet on this situation can you please give me advise what to do? |
|
|
smithsussane
Joined: 18 Sep 2008
Posts: 10020
Location: Alaska
917.78 Dollars($)
|
|
Post subject: |
|
|
Hi Jony!
Welcome to forums!
If the second mortgage lender forecloses the property, then you will be losing it. Thus, in that case, getting a loan modification on first mortgage will not be of any help. After a bankruptcy filing is discharged, the second lender can foreclose the property as he holds lien on the property.
I would suggest you to contact your second lender and apply for a loan modification immediately. Depending upon your situation, the lender will consider your request and let you know whether or not you will qualify for a modification.
Feel free to ask if you've further queries.
Sussane |
|
|
Sheila
Guest
0.10 Dollars($)
|
|
Post subject: Home Equity Mortage |
|
|
| Do you do HEM on Rental Homes? |
|
|
jameshogg
Joined: 20 Dec 2005
Posts: 10148
Location: Nevada
941.94 Dollars($)
|
|
Post subject: |
|
|
Hi Sheila,
This is not a mortgage company. This is a community wherein people discuss their mortgage issues and get suggestions from the expert. If you want a home equity loan, then you will have to contact the local lenders and check out if they can help you with it. You can also speak to the lenders of this community and seek a no obligation free mortgage consultation. This will help you know whether or not you would get a mortgage.
Thanks |
|
|
clutei6
Guest
0.10 Dollars($)
|
|
Post subject: What type of loan is best...mortgage is paid off |
|
|
We would like to consolidate debt from credit cards and a personal loan. We do not have a current mortgage. What is the best way to borrow money using our home equity...a home equity loan, 2nd mortgage, or HELOC? We've found that some lenders will not fund Home equity loans when there is no current mortgage. We have excellent credit.
Thanks. |
|
|
jameshogg
Joined: 20 Dec 2005
Posts: 10148
Location: Nevada
941.94 Dollars($)
|
|
Post subject: |
|
|
Hi clutei,
If your property is free and clear, then you can take out a normal conventional loan. You can use the money from the loan to pay off the credit card debts. With a good income and excellent credit, it will be quite easier for you to qualify for a mortgage.
Thanks |
|
|
Malia
Guest
0.10 Dollars($)
|
|
Post subject: loan against home |
|
|
Hi Jessica,
I own my home outright, paid cash for it. Can I take a loan against my home? Since I have never had a first mortgage what would this be called and how do I go about applying for one? |
|
|
Previous 1, 2, 3, ... 14, 15, 16, 17, 18 Next 
