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Should you go for a Second Mortgage loan?

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Samantha Moderator Joined: 16 Sep 2005 Posts: 1441 Location: MASSACHUSETTS 118.98 Dollars($)	Posted: Tue Mar 11, 2008 12:28 am    Post subject: RE: Is it possible to take out a second loan? Hi Bermudez, Welcome to the forum. I think what you're trying to say here is, you have earlier taken a construction loan from the Social Security Real Estate department and perhaps refinanced it into a permanent loan just 6 months ago. Is that so? And now you wish to go for a second loan on your home. I think that's pretty possible if you have sufficient equity and your financial situation is sound enough. Please let me know if I could understand your query or else do not hesitate to discuss further. God bless you. Samantha _________________ Know how to compare lenders with mortgage booklet
jack_gds Guest 0.10 Dollars($)	Posted: Mon Apr 28, 2008 9:33 pm    Post subject: 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 .
larry Joined: 27 Jun 2007 Posts: 2598 349.39 Dollars($)	Posted: Tue Apr 29, 2008 2:36 am    Post subject: Hi jack, Welcome to the forum. You can refinance the mortgage even after one year. But pull out you equity you need to see have much equity have you gained yet. Best of luck, Larry
Rhonda Guest 0.10 Dollars($)	Posted: Thu May 08, 2008 3:59 am    Post subject: 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?
Niicss Joined: 03 Oct 2005 Posts: 662 94.17 Dollars($)	Posted: Thu May 08, 2008 4:17 am    Post subject: 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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