Thursday, 2. September 2010
I am not on the first mortgage. The other investor is not on the second mortgage. He wants me to quit claim my interest so he can put it in a trust. Will the bank call my loan on the second? How does the foreclosure on the first effect me and my loan on the second?
Update, according to the attorney. We both have a first mortgage on the house, due to the fact that I am not on his, he is not on mine. The bank can foreclose on him but they will own half the house. As long as I make my payments I own half the house. It becomes a legal mess but the bank cannot sell the house only tie it up.
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Friday, 27. August 2010
I am planning on purchasing an investment property with 100% cash. I can purchase the property at 60% of market value. I then plan on pulling a loan out for 60% of the market value. Would it be considered a mortgage or a home equity loan? A mortgage currently is about 300 basis points lower than the home equity loan. I am hoping it would be considered a first mortgage because it would not be a second lien position. Thanks
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Saturday, 21. August 2010
I am buying my first home with an FHA loan. The mortgage company I am using doesn’t do a 203K loan and I would like to use money to improve the house. I was approved for ,000 more than purchase price and only want K max. My credit is not perfect… I’m trying to find out the chances of being able to get a home equity loan with a first mortgage. The house is valued 7K and the loan will be for 9000. Any help would be great!
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Friday, 20. August 2010
I loaned someone money so they could get a second mortgage. Now I am afraid the house is going to go into foreclosure. Will my second mortgage be payed off first when it gets auctioned off, or the first? What does this mean for me?
Thanks everyone, and Michael, I am fairly sure that the two mortgages are through the same lender, so if this is the case, then I guess the first mortgage would be paid off first and if there was not enough money to pay off the second then I would owe that money. Is this correct?
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Monday, 16. August 2010
We will be remodeling/adding on to our home and want to do a cashout on the first mortgage (of around ,000) and then do a 2nd (Equity loan) for the rest…does doing this put us at greater risk for having to pay AMT taxes and if so, in what way (which lines in the 1040 or 6251 affect this)? Is there a better approach we could take?
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Thursday, 12. August 2010
I pay first mortgage on time and taxes on time so how can I keep my home .
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Saturday, 7. August 2010
Also, is it easier or harder to get a second mortgage than it is to get a first mortgage?
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Thursday, 5. August 2010
Will the second mortgage holders come after you or be able to put something (other than a foreclosure) on your credit like a judgement? Would they be ale to garnish wages or do anything crazy like that in the future? The reason for two loans was a first and second (100% loan) was used to purchase the home. The value dropped and the foreclosure auction will only be enough to cover the first mortgage. BTW this is for a friend so don’t bother asking to buy the property because I am looking into it, thanks!
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