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Samantha
Community Mentor
Joined: 16 Sep 2005
Posts: 1600
Location: MASSACHUSETTS
149.06 Dollars($)
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Post subject: RE: Is it possible to take out a second loan? |
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Hi Bermudez,
Welcome to the forum.
I think what you're trying to say here is, you have earlier taken a construction loan from the Social Security Real Estate department and perhaps refinanced it into a permanent loan just 6 months ago. Is that so? And now you wish to go for a second loan on your home. I think that's pretty possible if you have sufficient equity and your financial situation is sound enough.
Please let me know if I could understand your query or else do not hesitate to discuss further.
God bless you.
Samantha
_________________
Know how to compare lenders with mortgage booklet |
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jack_gds
Guest
0.10 Dollars($)
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Post subject: |
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| How long is it before you can pull out equity after you've bought a home? I wanted to pay off some cc debts so that I could start afresh . |
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larry
Joined: 27 Jun 2007
Posts: 3328
474.49 Dollars($)
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Hi jack,
Welcome to the forum.
You can refinance the mortgage even after one year. But pull out you equity you need to see have much equity have you gained yet.
Best of luck,
Larry |
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Rhonda
Guest
0.10 Dollars($)
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Post subject: |
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| My home is worth 90k with 65K due on my first mortgage along with a 50k on the second. We are planning to file chapter 7 and want to keep the home, is there any way I can default on the second without losing the home? |
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Niicss
Joined: 03 Oct 2005
Posts: 2617
Location: New Jersey
409.01 Dollars($)
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Post subject: |
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Welcome Rhonda.
If you want to keep the home then I should suggest you to file chapter 13. If you file chapter 7 then you may loose the home. Under chapter 7 your home is not a exempt property then it will be sold to pay off the lender?
So before filing chapter 7 consults with a bankruptcy attorney.
Know more about chapter 7 at http://www.mortgagefit.com/bankruptcy/chapter7.html
Let me know if you have any further query.
_________________
Good is the Enemy of Great. |
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Reman
Guest
0.10 Dollars($)
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Post subject: Second mortgage loan |
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| Bank provides the borrower with a line of credit for a period and the borrower can keep drawing money against the balance available in line.. Is it second mortgage loan? |
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larry
Joined: 27 Jun 2007
Posts: 3328
474.49 Dollars($)
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Post subject: |
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Hi Reman,
Welcome to the forum.
If the borrower is getting the line of credit by using his home equity as collateral then it is Home Equity Line of Credit which is a kind of second mortgage. But you can even get a Personal Line-of-Credit Loan which is an unsecured loan.
Best of luck,
Larry |
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Frustrated
Guest
0.10 Dollars($)
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Post subject: Can anyone help with good advice? |
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| I am in a very frustrating situation...I need to re-finance my home or get a second mortgage. I paid about 90K for it but nothing is going for less than 185K in the area. I owe 55K, but I have horrible credit between an IRS tax lien for 11k (maybe more) and a judgement for 4k from a credit card company. Again, horrible. I want to refi or get a second mortgage to pay off my debt to them and all parties and really start over the right way, but I feel locked into this frustrating situation -- like no one can help with a situation like unless it is predatory! It's like I have a value of over 100K and it means absolutely nothing? Are there any professionals who deal specifically with a situation like this? What would their name be, a mortgage broker, financial advisor...? I am will to pay a professional to hands on technical help, but don't want to be bothered with predators. Any advice? Any companies who you know are reputable who can help walk me through this situation? And how long such a process would take? |
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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 take second mtge |
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Hi guest,
Welcome to our community forums.
I think $55K is the balance that you owe. But what's $185? is it the sale price of properties in your area? Please clarify.
You've said you owe a tax lien worth $11K and it can be even more than that. It's better to know exactly how much you owe. Moreover, have you thought of paying off the judgment amount? I guess it will be tough for you since you have to pay for the mortgage too.
How much of equity do you have? if possible, you can take a cash-out refinance loan and include the judgment and tax lien amount with the cash-out loan. But you need to check out the rates then. The rate shouldn't exceed the one at which you're paying. Otherwise what's the benefit of going for the refinance?
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http://jessica.mortgagefit.com/ |
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billy
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Post subject: home loan |
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| i am going to do const.-perm finance the pre apprassial on the home is 165,000.00 the lender is loaning 90 per cent.my home is only going to cost 148,000.00. do i need a down payment . |
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Caron
Moderator
Joined: 19 Jul 2005
Posts: 1562
Location: florida
266.56 Dollars($)
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Post subject: RE: down payment for construction loan |
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Hi Billy,
Welcome to our forums.
It's always a good decision to make a down payment on the purchase price. It helps you borrow less and hence you don't need to pay more as the monthly mortgage payment. Do you have excellent credit and how's your income? Even though you're getting the loan at 90% ltv, it's better to make a down payment and reduce the loan amount.
Good luck
_________________
Mortgage Shopping made easy with booklet |
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needing help
Guest
0.10 Dollars($)
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Post subject: Need help finding a loan |
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| I am looking for a second mortgage to pay off some debts and make home improvements. Does anybody know who will do this for a mobile home that is 16 years old with alot of updating and extras? There is a covered front and back porch, 3 car car port, addition, fresh paint, new flooring, etc. |
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Samantha
Community Mentor
Joined: 16 Sep 2005
Posts: 1600
Location: MASSACHUSETTS
149.06 Dollars($)
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Post subject: |
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Hi guest,
If you are looking to purchase and do repair work on the mobile home, then FHA 203K mobile home loan would be the right option for you.
However, there are other options as well. I suggest that you go for a no-obligation free loan consultation on the right mortgage with the lenders in this community. Hopefully they can help you to decide upon the loan option that'll suit you better.
May god bless you.
Samantha
_________________
Know how to compare lenders with mortgage booklet |
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newuser1
Guest
0.10 Dollars($)
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Post subject: 2nd loan options |
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| We have $417,000 at 5.625 on 30 year fixed but a variable rate 2nd line with a balance of $195,000 the value of the home apprasied between $730K and $750K. What are our options to lock the 2nd? |
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helping_user
Joined: 31 Mar 2006
Posts: 815
Location: Hawaii
154.76 Dollars($)
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Post subject: |
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Welcome newuser.
Are you trying to refinance the second mortgage? I think a combined refinance loan including both the first mortgage and second line of credit would help you better.
Thanks. |
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