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anne
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Post subject: statute of limitations |
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What are the statute of limitations on a second mortgage?
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12376
Location: bloomfield, ct
58.49 Dollars($)
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Post subject: |
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i find it hard to believe that there would be a statute of limitations on a second mortgage. unless a mortgage (first, second, third, ad nauseum) is released, it remains a lien on the property until it is paid in full.
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George M. Akerley
Mortgage Underwriter/Consultant
Word of Excellence- Writing/Editing/Proofreading
860-221-5044
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delongshanks
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Post subject: Will the 2nd mtg co. settle |
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| I have a 1st with for 291k and a 2nd with different co. for 36k. my house is only worth 270k. I have been current on payments. If I stop paying the 2nd would they consider a smaller payoff eg...like5k-10k, or more likely to send me to collections or garnish wages? |
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snickle4926
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Post subject: interest statement |
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| My daughter and son in law cannot pay their mortgage. The home will probably be forclosed on. Can the lender withhold their interest statement for what they paid on the mortgage because they cannot pay any more? |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12376
Location: bloomfield, ct
58.49 Dollars($)
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Post subject: |
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delong, based on what i've seen in postings the last few weeks, i'd have to think that your second mortgage lender is more likely to send you to collections. now that might mean (ultimately) that there'll be a settlement for less than what you owe, but for now, that probably means the full balance.
snickle, the answer to that question is "no." is there a suspicion that this lender would be that crude?
_________________
George M. Akerley
Mortgage Underwriter/Consultant
Word of Excellence- Writing/Editing/Proofreading
860-221-5044
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Upside down house
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Post subject: Upside down on my house |
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| I have a first of $500,000 and a second of $750,000. I tried to sell the house and the best offer was $715,000. If I do not pay my second what are the odds of them paying the first off? If they sell the house in an action they will most likely get around $650,000. Would the bank put out 500k to get back 650k? |
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Alice
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Post subject: second equity loan separate bank |
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if the interest rates go up too high. I probably would be able to pay my equity loan. Just my home loan. Can they forclose on my? My home is worth less that my loan combined. Would I have to pay the remainder of the loan. Or can they garnish my paycheck? and what if two persons are on the equity loan only. do they go after the second person? My email if you can send me an answer. "care92262@hotmail.com"
[Email address deactivated as per forum rules] |
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Guest 2
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Post subject: Bankruptcy 7 or 13? |
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| I have a dillema. I am making less money now due to losing a contract and must file bankruptcy due to credit card debts, etc. I am upside down in my mortgage and have a first for $435k and a second for $95k. The house is worth MAYBE $325K. If I file for Ch. 13 - the second mortgage just goes away <poof> but I make payments for 5 years. If I file Ch. 7, everything goes away except the 2 mortgages, but I can't afford the payment on the second. What do you all think I should do? |
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daviddws
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Post subject: 2nd Mortgage |
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Just like many others who have posted I have a 2nd that was a Home Equity Loan for 50k. House is worth 200k and I owe 300k on the 1st. Had a BK in 2009 Chapter 7 so I am not liable for the 2nd, however the bank who has the 2nd is sending me threatening letters saying they will consider taking my house and there is a lien. PLEASE ... WILL THEY REALLY DO THIS WHEN THEY WOULD HAVE TO PAY AN EXTRA 100K ON THE FIRST AND COLLECT NOTHING???? I need to know before I talk to these sharks.
Thanks
David |
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Justme
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Post subject: |
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| David, sounds like a collector using tactics. check on that first. |
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D
Guest
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Post subject: mtg and taxes in nj |
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| I can't afford my first and second mtg it's with the same bank . my taxes are separate . I live in new jersey . what happens if I stop paying all mtgs and taxes ? My husband lost his job. |
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stranded
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Post subject: rental |
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I have a rental that used to be my primary home. It has been a rental for the last seven years. In 2006, I got an equity loan for $166,000. $80,000 of that loan from the same bank was used as a down payment on a different real estate purchase.
Within a few months of receiving the loans, I discovered both of these properties had drastically negative equity.
I have continued to pay the first mortgage,(which is the rental), and the bank tried to settle with me for $80,000 on the $166,000.
I cannot collect enough rent to pay both mortgages.
I had to let the other house go to 1099A.
What advice can you give? |
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Niicss
Joined: 03 Oct 2005
Posts: 4772
Location: New Jersey
499.62 Dollars($)
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Post subject: |
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To D,
The lender would start a foreclosure procedure against you if you stop paying the debts. This will affect your credit score badly. It will get reduced by 250 points. Also, you won't be able to qualify for a home loan immediately. You'll have to wait for 3-4 years for it.
To guest,
You can apply for a loan modification with your lender to save the property. If your lender agrees to it, it would become easier for you to pay off the loan.
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Good is the Enemy of Great. |
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Patrick G
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Post subject: HELP!! |
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I have a home in CALIFORNIA that i use to live in but no longer do, i currently have renters in it. I was given a loan about 5 years ago for the home which i bought for 380,000. I put 80,000 dollars down for the house. I currently owe 325,000 because of neg-am loan putting money on the back end. I have a first mortage for 300,000 and a second for the rest. I haven't paid on either loan for 7-8 months. The first mortgatge company Back of AMerica has not contacted me at all, the second has and i told them i wanted help, they said they couldn't till i defaulted so that is what i did. The second has since given my loan to a debt collection agency. What are my options and what should i do? if there is anyone that has been through this or knows what to do i would love to hear from you.
Thank you good luck to you all
[Email address deleted as per the forum rules. Thanks.] |
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smithsussane
Joined: 18 Sep 2008
Posts: 10045
Location: Alaska
921.83 Dollars($)
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