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want 2 build more
Guest
0.10 Dollars($)
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Post subject: all i owe i equity no mortgage |
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| i owe 80,000 on an equity loan because i bought my house for a $1, but my assest value is 95,000. i have good credit (810 score) and i would like to take an aditional 75,000 for home inprovements. i make enough for the extra but how do i go about getting it? |
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larry
Joined: 27 Jun 2007
Posts: 3328
474.49 Dollars($)
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Hi Guest,
With a second mortgage, you can borrow on the basis of your present home equity, that is the difference between the current value of your property and the amount you have paid towards the first mortgage. But before considering a second mortgage, you must know that you have to incur the closing costs similar to that of the first mortgage. And you will also have to pay the higher interest rate associated with the second loan. To know more on second mortgage, you may refer to http://www.mortgagefit.com/second-mortgage.html |
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Remo
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0.10 Dollars($)
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Post subject: can i sue fiance for second? |
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| I took a second mortgage with my fiance just 5 months ago and since then I'm paying 80% of the monthly payments. My finace quit his job and now he refuses to pay for the loan. But I pay for all the utilities cables and then there's the first loan, though I can still pay for it . Can I sue home for his part of the second loan payments, he said he'll pay half of the second mortgage? |
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Jonny
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0.10 Dollars($)
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Post subject: |
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Hi Remo,
It is totally depends upon you. I think if you can pay it you can pay it until your fiancé starts earning, it is better to negotiate the matter. Otherwise, you can surely sue him for his part of the second loan payments.
Jonny |
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jenkin7
Joined: 04 Jun 2007
Posts: 3421
Location: Hawaii
512.47 Dollars($)
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Post subject: |
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Hello Remo,
You can definitely sue him but you have to carry on with the payments before he starts doing it. Otherwise it will affect your credit. |
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caira
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0.10 Dollars($)
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Post subject: How do i escape balloon payment? |
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| I bought my first house with 80/10/10 loan. I didn't know that the second mortgage is a balloon loan with lump sum payment after 10 years. How do I pay extra towards the principal each month so that I don't have to make balloon payment after 10 years? |
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larry
Joined: 27 Jun 2007
Posts: 3328
474.49 Dollars($)
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Post subject: |
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Hi Caira,
I think it is difficult to pay off balloon loan with lump sum payment after 10 years. So if you can convert that loan into Adjustable Rate of Mortgage, then it may be helpful for you. You should talk to your lender and convert it to ARM.
Thanks,
Larry |
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Michel
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0.10 Dollars($)
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Post subject: |
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Hi,
I guess you can make accelerated mortgage payments to pay off the loan early.
You can choose accelerated bi-weekly payments where you make payments every two weeks, making a total of 26 payments in a year.
For all this, you need to talk to your lender first. |
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Tracy
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0.10 Dollars($)
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Post subject: 2nd mortgages |
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| I owe $350,000 on my home that is appraised at $415,000. I am in need of cash to repair windows and bathroom. I bought the house two yrs ago. last year I refinanced and took out $25, 000. Should I refi again to get the cash or should I get a second? Also do oyu pay off the secend concurently with the first or do you start paying the second after the first is paid off? |
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Jessica
Community Mentor
Joined: 08 Jun 2004
Posts: 814
Location: OHIO
195.93 Dollars($)
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Post subject: RE: refinance or second loan? |
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Hi Tracy,
Welcome to our community forums.
First of all, let me tell you, if you have refinanced last year itself, then there are less chances of refinancing again within this time gap.
Moreover, you don't seem to have much equity, so getting a cash-refinance loan won't be easier. However, if you would like to check out if a refinance or second mortgage is the right option, you may use the Calculator on Cash-out Refinance vs Second Mortgage. And, if ever you take out a second mortgage, you need to pay it concurrently with the first; if you wait till the first is over, then there'll be a lot of accumulated debt and probably by that time, you lender might foreclose even.
Regards,
Jessica.
_________________
http://jessica.mortgagefit.com/ |
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Edwards
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0.10 Dollars($)
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Post subject: how to transfer second mortgage? |
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| i have 2 mortgages on my home and I wish to transfer the second mortgage to my new home. I have lived in the new home for 4 months and it's getting tough. The equity is too low in the new home. How do I transfer the second loan? |
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larry
Joined: 27 Jun 2007
Posts: 3328
474.49 Dollars($)
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Post subject: |
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Hi Edwards,
It is very tough to transfer the second mortgage from your old home to new home. You have said that the equity of your new home is very low. So it is not possible to take a second mortgage on your new home and pay off the second mortgage of your one. It will be better if you talk to some lenders on this regard.
Thanks,
Larry |
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jenkin7
Joined: 04 Jun 2007
Posts: 3421
Location: Hawaii
512.47 Dollars($)
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Post subject: |
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Hello Edwards,
I don't think it is possible to transfer the mortgage of one property to another.
It is already a written agreement that you have taken a second mortgage against a particular property and keeping that as a collateral against the loan. So, now it is impossible to transfer the same loan to another and change the collateral.
You could have refinanced your new home to pay off the second mortgage but since the equity in the new property is too low you cannot even do that. |
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Solomon
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Post subject: Books on Judicial & non Judicial foreclosures |
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Would you please advise me the best books on judicial & non Judicial foreclosures(Mortgages)
Also books on how a junior lien holder can protect thier intrests from the senior lien foreclosures. |
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jenkin7
Joined: 04 Jun 2007
Posts: 3421
Location: Hawaii
512.47 Dollars($)
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Post subject: |
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Hello Solomon,
A judicial foreclosure is processed through court when the lender files a complaint and the non-judicial foreclosure is done without the court's intervention.
You will find more information on these at http://www.mortgagefit.com/judicial-foreclosure.html
Apart from this, if you want to do a detailed study you may refer to
" The Foreclosure Handbook - A Basic Guide to Understanding the Foreclosure Process " written by Jeffrey Posner. |
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