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What is a silent second mortgage loan?

Posted on: 16th Sep, 2009 03:36 am
what is a silent second mortgage loan?
Hi,

A silent second mortgage is a second lien mortgage which is obtained without informing the first lien holder. This means that the first mortgage holder on your property is unaware of the fact that there's a second mortgage on the property. Buyers take this type of silent loans to provide for the downpayment on the first mortgage. However, this type of loan is a kind of fraud scheme and should be avoided.
Posted on: 16th Sep, 2009 04:47 am
Hi archie,

Welcome to our forum.

The Silent Second Mortage means,A mortgage which placed on asset that is not disclosed to lender of the genuine loan.The Mortgage is silent because the original lender is unaware of its presence. Its mostly used when a buyer cannot pay downpayment required by initial mortgage.

Thanks & Regards.
gunz.ijjistaff
Posted on: 16th Sep, 2009 04:51 am
hi archie,

A secondary mortgage placed on an asset that is not disclosed to the lender of the original loan. Silent second mortgages are used when a purchaser can't afford the down payment required by the initial mortgage. The mortgage is silent because the original lender is unaware of its presence
Posted on: 16th Sep, 2009 05:36 am


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Posted on: 16th Sep, 2009 09:12 am
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