Easy Home Equity Loan

I have a first and second mortgage (to avoid PMI) and I am wondering if, after foreclosure, if we are going to be liable finacially for the banks loss, or the difference between our loan balance and what they get in the foreclosure sale? I know that our credit score will be affected, but I am wondering if that is the only repercussion? I also know the laws are different in states I am in Nevada anyone that knows the nevada foreclosure law specifically would be great. I am also wondering once we move out, assuming we do so before notice to evict what role will we, as the homeowners, need to play in the foreclosure process? I have heard that you must fill out a 1099 form for taxes? saying the difference between the amount owed and what the bank gets is roughly 30,000 what would that mean we pay at tax time?

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I purchased my first townhouse for 50k about 7 months ago with a VA loan. I would like to purchase another townhouse in the same building as mine to rent out. Does anyone know a way for me to get a second mortgage so I can purchase the property. All the banks I look up online will not lend for investment properties. Currently my house note is 400 a month I pay double every month to pay it off faster. Also there are still renters in the other townhouses that pay 650 for rent and I am willing to put down 20% with the new loan.

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I am in contract for a home in Queens NY,and have 13% to put down. All of the mortgage companies are quoting me almost a full point higher than what it would be if i had 20% to put down. The seller is willing to finance the difference of 7% as a second mortgage at a very good rate to get the deal done, and make it more affordable for me and to avoid PMI. My question is, with the tighter lending standards, will the Banks accept this?

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Ok , my home forclosed,, I had 2 mortgages (from the begining) the second h. mortgage is in collections , I am trying to make payments. Basically only what my payment used to be but I am still behind 2 to 3 thousand dollars. They want the 3 thousand but I do not have that kind of money. They want the money before they will attempt to lower my 10.75 percent intrest rate to they say they’ll lower it to 5 % or 6 % (but I think it should be no more than 3%) I do not have the home anymore.
It two different banks and the one I still owe is the leeser amount
The home is forclosed.. Gone realator has it
I couldn’t even afford the bancuptcy, plus a lawyer said I’d lose the home wheather I filed or not. So I never did cause I couldnt afford it and I didnt want to borrow money if I was going to lose the house anyways
So will paying the monthly payments , wouldn’t that look better on a credit report? I do though have others bills not being paid such as the last water, electris, and gas bill from the house

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In contract for a two family house in Queens Ny. I have a 13% down payment saved. The banks I have checked thus far are either telling me they cant do the loan without 20% because the PMI company will not insure in a "depressed area", OR getting a ridiculous rate. The seller is willing to offer me a second mortgage to cover the other 7% plus a sellers concession to cover closing in order to seal the deal and for me to avoid PMI. ( This is a friends house who passed away and the family really wants me to have the house)
I am NOT trying to do anything "under the table" or illegal, thus is why I asked if the Banks would allow it.

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Hi guys, need your comments and expertise on getting a second mortgage please?
I own a house with my sister (50/50) and I want to move out but my sister cannot afford to buy me out and we don’t want to sell right now as house prices are low. I am intending to buy another house for myself to live in (I have a deposit), but the problem is I cant seem to obtain a new mortgage without taking my name off the existing one. The problem with that is that my sister is separated, but not legally. There is a possibility of her hubby claiming her estate when they start legal proceedings and if i take my name off it would look like she owns 50% of the equity which she obviously doesn’t. So my name needs to stay there, I will also continue to contribute half the mortgage payments for the existing property to make it easier financially when we do come to sell it. I can afford half the mortgage on the existing house and the full mortgage on a new property (due to half the mortgage paid off on existing one and me buying a little repossession house).
My existing lender who i spoke to yesterday will not do the deal, without me coming off the existing mortgage. I have a few appointments tomorrow (one with estate agent’s mortgage adviser and 2 with my banks), but today I am trying to do my homework researching all possible options.
Any comments and advice will be most welcome. Thank you very much everyone

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i took 20k as a second mortgage to buy a lot. i did not sell the lot. now the lot is worth 5k. but i still have the second mortgage loan. how can i get help with this second mortgage IF ANY. ( loan is from bank of america ) it seems that goldman sach and other banks got help and i know 2 people who got their first morgage remodified in half. is their anything I can do to eliminate or reduced this mortgage.

i have great credit score,
never late on payments,
make ok money.

i just know that i will never recope my money on this lot.

thanks
goldman sach.
bank of america
citi bank
gm
they all got bailout…

i want my bailout…why can i get one??

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I have a good income (,000) but very very bad credit (Long story). What are my chances of getting a home equity loan on I house I own valued at 0,000. What amount might they let me borrow? What kind of interest rate can I expect? I want to use this to rebuild my credit and pay for some other things.
Yes, I want to use the house as a piggy bank. It is the best option for my plans. Will any banks work with me?

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