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lisascherzer
Joined: 04 Jan 2008
Posts: 755
1.07 Dollars($)
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newuser1,
Check your paperwork on the second mortgage to see if you have a lock option. Most banks do not offer this but some do so do this first. If they do not, then you might be better off leaving it as an adjustable for now. Fixed second mortgage rates are pretty high right now. Your looking at 9% fixed even with good credit. I would bet that with the adjustable rate you currently have that it can't be much higher than 6%.
If you just hate having the second mortgage adjustable rate, you could look at combining the first and second into a new first mortgage at a fixed rate which would be slightly higher than what you have now.
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niloofar
Guest
0.10 Dollars($)
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Post subject: 2nd MOrtgage |
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| I live in Fl and we have a 1st mortgage with 170000 and 2nd mortgage with 196000 on the home. The home maybe worth 270000. I am making the monthly payment on 1st but can not pay the 2nd one. what can happen. |
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jerry
Moderator
Joined: 17 Oct 2005
Posts: 1772
Location: MICHIGAN
264.77 Dollars($)
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Hi niloofar!
You can go in for a refinance if it is possible for you and get another loan at a low interest. If this is not possible for you, then you may consult your lender and try to convince him for a repayment scheme which has easier terms and conditions and which you will be able to pay.
Thanks,
Jerry |
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Alexander
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0.10 Dollars($)
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Post subject: Second mortgage on a 22 year old mobile home. |
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| I live in a doublewide mobile home with an attached garage on three acres of land. Tax value is 95,000.00, we owe 42,000.00. We've also tapped out a 17,000.00 equity loan. How difficult will it be to get a second mortgage? |
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Caron
Moderator
Joined: 19 Jul 2005
Posts: 1562
Location: florida
266.56 Dollars($)
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Hi Alexander,
Welcome to our forums.
It seems that you have tapped an equity loan. An equity loan itself is a second mortgage. So, can you please clarify your question with some more details so that I can give you a concrete suggestion.
Good luck
_________________
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Angela
Guest
0.10 Dollars($)
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Post subject: Second mortgage early pay off? |
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| My husband and I took out a second mortgage on our home in order to pay off miscellaneous debt. Is their any benefit to paying off the second mortgage early considering that we can deduct the interest on our taxes? The interest rate for the loan is 12.9% |
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jerry
Moderator
Joined: 17 Oct 2005
Posts: 1772
Location: MICHIGAN
264.77 Dollars($)
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Hi Angela!
If the mortgage does not have a pre-payment penalty clause to it, you can easily pay off the mortgage as soon as possible. If there is a pre-payment penalty clause in the mortgage, then you will have to wait till the clause expires and then you can pay off the mortgage.
Thanks,
Jerry |
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Catey
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0.10 Dollars($)
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Post subject: Pay-Off of 2nd mortgage after sale |
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| Due to divorce we need to sell a house on which we owe 345,000. The first mortgage is 285,00 which will be covered in the sales price. We will likely still owe 60,000 to USBANK on the HELOC. I am able to make the payments, but need to sell. Is short sale my only option, or is there some arrangement where the lien can be released and I continue to pay down the HELOC? |
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penny
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0.10 Dollars($)
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Post subject: second morgage |
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| i am going threw a divorce from my husband and he has gone behind my back and opened a second morgage is this possible? i didnt sign any thing for this to go on. i am clue less about any of this. can some one help? |
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Niicss
Joined: 03 Oct 2005
Posts: 2617
Location: New Jersey
409.01 Dollars($)
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Hi
To Catey:
Short sale will be a good option but then you will have pay off the deficient amount immediately. Otherwise they may place liens or even garnish your wages. However, you can speak to your lender and explain the whole situation to him.
To penny:
It can happen that one person takes the loan while both own the property but in your case, your husband should have taken your permission as you are going through divorce. You can consult a lawyer in this case.
Thanks.
_________________
Good is the Enemy of Great. |
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sunnyc
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0.10 Dollars($)
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Post subject: Home Equity loan |
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I am looking to buy a business and wondering how will i get a loan to start it?
I have already quit my job to work on that. |
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sara
Moderator
Joined: 05 Jul 2006
Posts: 1679
Location: New Brunswick, New Jersey
315.05 Dollars($)
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Hi Sunnyc,
Welcome to the forums.
So, are you looking to get a second mortgage to buy the business? if you quit your job just before taking the loan, I don't think the lenders would consider you as a potential borrower.
Take Care |
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Melissa
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0.10 Dollars($)
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Post subject: Refinance 1st and 2nd loan |
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| I am refinancing my house, I have a 1st and 2nd mortgage. The appraisal just came back and is $10K less than what I owe total for the two mortgages. My 1st mortgage holded said they would ask the 2nd mortgage place to subordinate. What happens when their is a $10K shortage if I can't pay the difference to refinance? |
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Helen
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0.10 Dollars($)
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Post subject: Tax Debt |
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| Our property has been valued @ $2m. The debt on this property is $1.3m, with the interest fully capitalised as it is currently under a Development Application Approval. However, in the meantime, we find out we owe the tax dept. $150,000. Our query is would it be possible to get a loan for this amount on a second mortgage? Also, we live in Australia, do you service this area? or could you recommend someone who does if not. Many thanks. |
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jerry
Moderator
Joined: 17 Oct 2005
Posts: 1772
Location: MICHIGAN
264.77 Dollars($)
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Hi Helen!
If I can understand you correctly, you want to take a second mortgage in order to pay off the tax debt. This can be possible provided your credit is good and you meet all the criteria to get the loan. You need to consult the banks located in Australia to get the loan. You can contact the lenders and check the rate and terms they are offering. Then you can compare them and select the one which you can afford.
Thanks,
Jerry |
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