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adonis
Joined: 22 Oct 2005
Posts: 10242
Location: ALASKA
1042.50 Dollars($)
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Welcome pickle,
As far as I know, your brother will have to inform you about the loan. If you want to be a co-borrower of the loan, then your signatures are required on the mortgage docs.
_________________
Procrastination is the enemy of your financial success |
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frank in cali
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0.10 Dollars($)
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| I bought my first home about a yr ago. But now i am looking into buy a foreclosure home as an investment because prices are so good right now. But i dont have the 20% that lenders are asking for downpayment. My question is would you be allowed to swing the idea of buying a house that you know has equity and use that as you down payment or is that not possible. thanks |
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sara
Moderator
Joined: 05 Jul 2006
Posts: 2645
Location: New Brunswick, New Jersey
488.43 Dollars($)
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Hi frank,
As far as I know, it would depend upon your lender whether he would let you use the equity in the property to buy another property or not. If you do not have the down payment of 20%, you can go for a PMI (Private Mortgage Insurance). If you go for this insurance, then you should not face issues in getting the loan.
Take Care. |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12330
Location: bloomfield, ct
50.03 Dollars($)
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frank what you propose isn't possible.
sara, purchases of investment properties are requiring at least 20% down, so mortgage insurance is not an option. frankly, i'm surprised that frank found a lender that will allow as little as 20%.
_________________
George M. Akerley
Independent Contractor - Mortgage Consultant
Word of Excellence Editing/Writing/Proofreading
860-221-5044
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deeshane
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0.10 Dollars($)
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Post subject: my house |
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| my landlord took a mortgage out on his house to buy another house and now the house that we live in which he took the loan out on is up for forcloser. can both houses be taken |
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smithsussane
Joined: 18 Sep 2008
Posts: 10030
Location: Alaska
919.49 Dollars($)
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Hi deeshane!
Welcome to forums!
The landlord's lender can place a lien on the other house purchased by him if he cannot pay off the deficient amount resulting from the sale of the property.
Feel free to ask if you have further queries.
Sussane |
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sandi
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0.10 Dollars($)
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Post subject: selling |
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| If I get a second to pay off debt and then want to sell my house, I need to raise the purchase price by that amount? |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12330
Location: bloomfield, ct
50.03 Dollars($)
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that's a pretty good idea, sandi. any lender who grants you a second mortgage will not exceed the current value of your home to begin with, so that shouldn't cause you too much heartburn.
_________________
George M. Akerley
Independent Contractor - Mortgage Consultant
Word of Excellence Editing/Writing/Proofreading
860-221-5044
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lociamb
Joined: 28 May 2009
Posts: 2
1.60 Dollars($)
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Post subject: want to do a re fi or a modification//// NEED LOWER PAYMT |
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| MY HOME IS WORTH 180000 I OWE 210000 FIRST AT 5.9% A 2ND 25000 AT 10% WE BOTH WORK/ LOANS ARE CURRENT / CREDIT SCORES HIGH / HAVE 20000 CREDIT CARD DEBT WHAT CAN WE DO TO LOWER BOTH MORTGAGES ?? IS LTV TOO HIGH?? |
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adonis
Joined: 22 Oct 2005
Posts: 10242
Location: ALASKA
1042.50 Dollars($)
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Hi lociamb,
You've mentioned that you're current on your mortgage payments. In that case, you won't be able to lower your payments. Moreover, your owe more than the worth of the property. I would suggest you look out for Home Affordable Refinance. Check out if you can qualify for it.
_________________
Procrastination is the enemy of your financial success |
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manoj_gopale
Joined: 16 Feb 2009
Posts: 488
0.00 Dollars($)
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I will suggest you to nullify the credit card debt first as it is high interest loan.but do not completely close it.
Meanwhile you can go for obama government's new mortgage scheme.I do not have link currently.but it is really a nice solutions for those who owes more than what their home's price is....
keep in touch....
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KK
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0.10 Dollars($)
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Post subject: refinance |
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Hi,
I have a first mortgage balance of 218K with interest rate 6% with one bank. I have a HEL balance of 29K with interest rate 5.49% and HELOC of 85K at interest rate 5% with another bank. I want to refinance. What is the best way to refinance? Do I consolidate all loans or do I refinance the first mortgage and do cash out to pay the HEL and HELOC?
Thanks! |
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smithsussane
Joined: 18 Sep 2008
Posts: 10030
Location: Alaska
919.49 Dollars($)
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BJM
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0.10 Dollars($)
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| Yes we bought our home at $28,000 and had to refianance our home about 5 years ago and we have a new loan out. Can we get a 2nd mortage to pay off our credit cards debt? |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12330
Location: bloomfield, ct
50.03 Dollars($)
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based on what you have given us, BJM, that is an impossible question to answer. you didn't state the value of your home, the amount you currently owe, etc. without that valuable information, any answers you get of an affirmative nature will be pure conjecture.
_________________
George M. Akerley
Independent Contractor - Mortgage Consultant
Word of Excellence Editing/Writing/Proofreading
860-221-5044
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