Easy Home Equity Loan

Can I declare the interest I paid on the mortgage before I refinanced, as well as the interest on my first mortgage and my second mortgage?

Interesting Blogs

if my first mortgage forecloses what happens to my second mortgage
I live in Southern California and my first mortgage foreclosed and now my second is saying that i could settle with them on that loan. what?
I told them I was out of work but that I had been under the impression that they had to settle with the first for the loan, they did not give me a amount because im out of work, but it took me by surprise.
so my option is to file bankruptcy? to avoid being charge for this loan. That was not my plan. If someone knows the answer please let me know or a better way out of this situation….

Interesting Blogs

We had a first mortgage balance of 108,000. However, to avoid PMI our refinanced loan had to be 104,000. So now we have 2 loans, one is the main 104,000 loan and the other loan is about 6,000 which covered the 4,000 balance drop and closing costs. We have the money to pay off the second loan. So, should we pay off the second loan (our rate on this loan is 4.875%)? Also, am I able to deduct this second loan interest as mortgage interest? Thanks.
We have k+ in savings so paying off the loan isn’t a problem. Our "rewards checking" rate is 4.5% so we are basically coming out even by keeping the loan (plus we can deduct the interest).

Interesting Blogs

I have a first mortgage that the ARM is adjusting we got a refinance lined up for the first but need the second to subordinate. GMAC mortgage says that they do not do that any more. If I can not get my first refinanced and the second subordinated they I can not afford to pay both. My new(with the ARM adjustment) first will be the same as the 1st and the 2nd. If we can get the refinance done then our payments will be less. You would think that if you have a good paying customer (never late) you are only doing a rate/term that it would be in there best interest to subordinate? Any suggestions on what to do

Interesting Blogs

My husband is a Naval Officer and we purchased our first condo/home a little over six months ago with a VA loan.

Next year my husband is changing stations. We would like to buy a new home at the next location while turning our current place into a rental property. We’re already in contact with a property management firm, but I was curious.. How would opening a new mortgage work? Would we even be able to qualify for a mortgage for a second home with our first? Do they take into consideration we would be renting our current residence?

Thanks for the information
When we took out our first mortgage our lender (or the person who processed our loan) was aware this residence would eventually be used as an income property. I’ll have to call and check on that. Thanks for the excellent information.

So another young person question:

I watch these programs on HGTV that come in and help people fix up their homes so they sell. People on these shows usually have already purchased a new home and are "afraid of carrying two mortgages.." If it’s so difficult to get a mortgage for a second home, how do they do it?

Interesting Blogs

Ok, we have an arm 1st mortgage, we have a normal 30 year fixed for our second. We only need the 1st mortgage modified which we are working on at the moment. But when they say that total mortgage payment"S" can not exceed 31% does that mean 31% of the whole mortgage or just their part of the mortgage. Cause if its just 31% of the first mortgage then we are going to be right back at square one, and we REALLY wont be able to afford it cause my husband just had to take a 8% paycut at work. We have Litton Loan and they are being a pain at the moment. Thanks all!

Interesting Blogs

In Oregon, I defaulted on both my primary and secondary mortgages on a piece of investment property (not my primary residence). Recently, the first mortgage lender foreclosed on the loan and took the property. Now my secondary mortgage (K) lender is coming after me to negotiate a settlement for payment . My questions are: Are there any additional consequences to one’s credit rating by defaulting on the second that haven’t already occurred by defaulting on the first? And is there a greater risk of law suit or judgment against me on the secondary loan default than the risk that I already have on the first? In other words, since my primary mortgage has defaulted and gone to foreclosure, is there any motivation for to negotiate with the secondary lender?

Interesting Blogs

This is for my primary residence in California.

My first & second mortgage (80/20) purchase money loan are with the same lender.

I never refinanced the first mortgage, but I did refinance the second (HELOC) loan.

I am now considering foreclosure due to financial hardship.

My question is:

1. Does the One Action Rule prevent the lender from seeking a deficiency judgment on the HELOC loan?

2. Based on past trend, for the HELOC which becomes unsecured debt, is there a certain specific percentage that the lender generally settles for with the borrower e.g. a certain most likely percentage of the amount.

Thanks.

Interesting Blogs