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peachtree
Guest
0.10 Dollars($)
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Post subject: second mortages |
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My godmother's house is being sold. The purchaser is taking out a second mortgage. According to her niece, the money f rom the second mortgage
is going into a trust fund for my godmother.. Something does not seem right about this. when I asked the question why.. The niece didnot seem to know any answer.. Is this legal? |
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Niicss
Joined: 03 Oct 2005
Posts: 2617
Location: New Jersey
409.01 Dollars($)
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Post subject: |
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Hi peachtree,
I don't understand why a purchaser will take a second mortgage and put the money in a trust fund for your god mother. In my opinion, it's not legal. You should speak to the purchaser and clarify the matter.
Thanks.
_________________
Good is the Enemy of Great. |
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JIM BALLARD
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0.10 Dollars($)
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Post subject: OBTAINING A MORTGAGE TODAY WITH LOW CREDIT SCORES |
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| MY SCORES ARE LOW 500'S, HAVE BEEN AND I CANNOT GET THEM UP, TRIED, I HAVE SEVERAL RE-ESTABLISHED CREDIT LINES AND REFERENCES, EARNED APPROX $200K IN INCOMES LAST YEAR AND YEAR PRIOR AND ALWAYS OVER 6 FIGURES, DEBT RATIOS ARE LOW, SAME LINE OF WORK LAST 20 YEARS, I OWE $165K ON MY HOME THAT RECENTLY APPRAISES AT $375K, I CANNOT GET A LOAN? ANY IDEAS OR SOMEONE WILL WILL OVERLOOK SCORES AND VERIFY ALL THE OTHER QUALITIES? |
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sara
Moderator
Joined: 05 Jul 2006
Posts: 1679
Location: New Brunswick, New Jersey
315.05 Dollars($)
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Post subject: RE: getting loans with 500 score |
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Hi Jim,
Welcome to the forums.
I'm afraid but I don't think any lender would overlook your credit score and offer you a loan, especially in today's market. Even FHA loans which are not strictly score-driven require you to have minimum of 580 FICO score in order to get qualified.
I understand that you have low debt to income ratio and good employment history but you need to raise your score. Check out the tips on improving credit score and try to rebuild your credit.
Do let me know if you have further queries.
Take care |
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Meg
Guest
0.10 Dollars($)
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Post subject: purchasing a vacation home |
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| Can I use my home equity on my principle residence to purchase a vacation home? |
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Niicss
Joined: 03 Oct 2005
Posts: 2617
Location: New Jersey
409.01 Dollars($)
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Post subject: |
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Hi Meg
Do you own the principal residence free and clear? I mean to say that whether there is any mortgage on the principle residence or not. If there is no mortgage on the principle house, then I think it is a good idea to tap the equity of your principle residence and buy a vacation home.
But if there is a mortgage on the principle residence, then I don't think it will be a good idea to take a home equity loan. Because if the purchase price of the vacation home is greater than the amount you get from the home equity loan, then you will have to take another loan for the vacation home. Thus, you will end up having 3 different loan which can be difficult for you to repay.
Thanks.
_________________
Good is the Enemy of Great. |
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lukecooks
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0.10 Dollars($)
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Post subject: help |
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| can i get a second mortage im employed and my husband is self employed so we would want get a self certified mortgage we owe 50,000 on the mortgage weve got now and the house is valued at 115000 the new house were after is 155000 is this possible if our first house is rented out ?????? |
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jameshogg
Joined: 20 Dec 2005
Posts: 4291
Location: nevada
509.34 Dollars($)
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Post subject: |
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Hi lukecooks,
Do you want to take the mortgage on the new property that you are planning to purchase? You may take a new mortgage but it will again depend upon your credit score and income history. Moreover, the lender will also look into the fact whether you are able to pay off the first mortgage on time or not.
Thanks |
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JPloggie
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0.10 Dollars($)
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Post subject: Upside Down |
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| What if I am upside by $3000 on my home loan based on a recent appraisal? |
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Peggy T
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0.10 Dollars($)
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Post subject: loan |
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| Say I get a 2nd mortgage to buy a house and I can't pay my bills which houes will they take? |
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Caron
Moderator
Joined: 19 Jul 2005
Posts: 1562
Location: florida
266.56 Dollars($)
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Post subject: |
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Hi,
To JPloggie,
Do you want to refinance the home? if you're upside done, well, I don't think you can refinance. But you can sell the home and pay off the remaining dues.
To peggy,
The lender would obviously come after the first house. If he requires deficiency payment and you fail to pay it, only then the lender may place a lien on the other house. However, he may have to talk to the mortgage holder (or lender) of the other property.
good luck
_________________
Mortgage Shopping made easy with booklet |
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dazed and confused
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0.10 Dollars($)
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Post subject: Home Equity Loans |
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| I was wondering if you can take out a 2nd home equity loan(or a comparable loan) at a different financial institution to pay off the 1st loan with another bank. We have dealt with the same bank for years, but have come to not trust dealings with that bank. We would like to cancel all of our accounts with that bank and try another. If that is possible, how would that work? |
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smithsussane
Joined: 18 Sep 2008
Posts: 3709
Location: Alaska
556.69 Dollars($)
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Post subject: |
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Hi Guest!
Welcome to forums!
You can refinance your loan at a lower rate with another lender. You will not have take a second loan in order to pay off the first one. You can contact the lenders of your area and check out the plans with them.
Sussane |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7405
Location: bloomfield, ct
62.63 Dollars($)
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Post subject: |
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d&c, you simply need to find a new lender and request a refinance. they'll be happy, i'm sure, to help you out.
_________________
George M. Akerley
Loan Consultant
860-221-5044 |
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pickle
Guest
0.10 Dollars($)
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Post subject: can he get a loan |
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| Hi me and my brother own a home. if he wants to take a loan out on the home does he have to have my signiture to do that or can he do that with out me knowing it. thank you and Godbless |
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