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miller_st
Joined: 17 Jan 2007
Posts: 917
168.92 Dollars($)
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Hi Sanger,
Has construction of the new home started?
If construction of your home has not started which would result in you being able to occupy it within 24 months, this land will be considered as an investment.
And the interest paid for the second mortgage will not qualify as deductible mortgage interest.
Miller |
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molly
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0.10 Dollars($)
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| I had purchased property under the gnnd program, now the 3 yr occupancy period is coming close to be over, will the hud's second mortgage be released now? |
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carnahandavid
Joined: 21 Dec 2006
Posts: 239
58.41 Dollars($)
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Hi Molly,
As the 3 year occupancy period is going to end, HUD's second mortgage will be released if you:
- As a participant to the program have completed & returned all the required annual certifications,
- Are currently not under investigation by the Office of Inspector General (IOG) and
- Are in compliance with all Good Neighbor Next Door (GNND) regulations.
If all these conditions are met then a mortgage satisfaction will be filed with your county recorder's office and a copy will be mailed to you. This release will be mailed to the county recorder's office with 30 days of the end of the occupancy period. |
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worried wife
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0.10 Dollars($)
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Post subject: second mortgage |
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| if you want to take out a second mortgage on your home, could you use both husband and wives income even if the house is only in in the husbands name or do you have to put the house in both names to use both incomes. |
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colin
Moderator
Joined: 30 Jun 2006
Posts: 602
Location: Waltham, Massachusetts
112.65 Dollars($)
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Hi Guest,
Welcome to Mortgagefit forum.
For taking a second mortgage the house should be in both names if they need to take the loan jointly.
The house works as a collateral for the mortgage so lender would require all named on the mortgage to have ownership rights over the house on which the loan is been taken.
Colin |
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jeanty
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Post subject: |
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| how/where can I check to know if a mortgage company is licensed with dept of banking to give second mortgages in connecticut |
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miller_st
Joined: 17 Jan 2007
Posts: 917
168.92 Dollars($)
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Post subject: |
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Jeanty Connecticut Department of Banking posts licenses of mortgage companies providing second mortgages on their website. You can view the list from here - http://www.ct.gov/dob/cwp/view.asp?a=2233&q=297866&dobNAV_GID=1663
You can also check the status of any company's license if it is not listed on that above page by calling (860) 240-8200.
Miller |
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veronica1
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Post subject: can i file in small claims court? |
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| I have sold off my property a few yrs ago with the help of realtor. In order to make the deal work, I agreed to take up the liability of paying for a second mortgage for $15,000. The buyer has fallen behind on the first loan as a result of which the lender foreclosed. And then there were late fees and interest charges which is why he had no money to recover what he owes me. What i wish to know is the buyer is still responsible to pay me and if he not doing so, can I file a case in small claims court? The property is in California. |
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jameshogg
Joined: 20 Dec 2005
Posts: 4291
Location: nevada
509.34 Dollars($)
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Post subject: RE: buyer responsible for second note |
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Hi Veronica,
Welcome to the forum.
If the buyer has signed on a written agreement stating that he will be paying for the second note, then he will be still liable to pay you what he owes. In that case, you can file a case in the small claims court.
Thanks |
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Ryan
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| It's ok if you want to file a case against the buyer, but then just keep in mind that there’s always a limit up to which you can sue a person in the small claims court. In California, it's around $5000. In cases beyond the limit, you will have to go to the usual court. |
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Jennifer363
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Post subject: 2nd Mortgage |
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| My house is paid for and thinking of buying a second home that can only be bought with cash because it is not up to HUD standards. Is this smart to take 2nd mortgage on this my kid will be residing permenantly in second home? |
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miller_st
Joined: 17 Jan 2007
Posts: 917
168.92 Dollars($)
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Post subject: |
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| Quote: | | My house is paid for and thinking of buying a second home that can only be bought with cash because it is not up to HUD standards. Is this smart to take 2nd mortgage on this my kid will be residing permenantly in second home? |
Jennifer,
As the house is paid off you can take a mortgage on this house and this will be considered as a new loan and not a second mortgage.
Miller |
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norq
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| are 2nd mortgages available for property which is rental or investment? |
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miller_st
Joined: 17 Jan 2007
Posts: 917
168.92 Dollars($)
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Yes you can get a 2nd mortgage for non owner occupied property such as rental or investment property. But for such loans the rates charged are going to be higher than what are charged for oo properties. Some lenders may also require the borrower to have 20 percent equity remaining after the 2nd is taken.
Miller |
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Nancy Beth
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| I want to compare if a cash out refinance or taking a second mortgage will be good for me, is there any calculator which I can use to make out the advantage I would get by selecting one of the two options?thanks for the help |
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