Easy Home Equity Loan » mortgage company

Is it better to refinance or get a home equity loan? We have owned our home for 2 years.?

admin — Fri, 02 Sep 2011 05:05:43 +0000

Due to family health issues my husband and I have missed a bit of work over the past 9 months. Because of this a few of our credit card payments were missed and we have fallen quite behind. We are now both back to work full time and are making arrangements with our creditors to try to lower our monthly payments. I have not contacted our mortgage company yet to see what they offer because I am not savvy enought to know the difference. In this situation, which would be better?

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how long can the mortgage company come after me for the judgment against me after my home foreclosed?

admin — Fri, 26 Aug 2011 06:38:52 +0000

My home foreclosed and there is a judgment against me. How long can they attempt to come after me for that money? Do I have to declare bankruptcy? What does the mortgage company gain by forcing me into bankruptcy? Is there any advantage to going into bankruptcy? I never took out a second mortgage, how often do mortgage companies come after foreclosures for the remaining balance judgment against them?

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what happens to my 2nd mortgage during a forcloser?

admin — Tue, 23 Aug 2011 09:02:33 +0000

i asked a similar question earlier but looking to find out what happens with my second equity mortgage with a forclosure? we plan on telling our primary mortgage company that we cant afford it anymore and we are either gonna sell our home or do a short sale. but what happens with the second mortgage that we got with the equity on the house? should we do the same thing and just tell them we cant pay it anymore?

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Can I sue the mortgage company that qualified me for a home loan?

admin — Mon, 22 Aug 2011 06:38:44 +0000

When me and my husband purchased our home we were green to the whole buying process. We found a mortgage company that would qualify us for a home loan, we were just happy to finally have our home, needless to say two years later we wanted to refinance our home and we find out we have a second mortgage (an 80/20) no one explained this to us at the time, nothing was said. Is their anything I can do legally?

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If a 2nd mortgage was included in a bankruptcy and discharged. Do they still have a claim to the property?

admin — Fri, 19 Aug 2011 06:37:24 +0000

We filed bankruptcy a year ago. We left out the first mortgage but included the second mortgage (home equity line of credit). It has been discharged, no one contested it and we haven’t received a statement or any other communication from them since. We want to sell the house now to our daughter. Does that 2nd mortgage company still have a claim to the property?

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What is the difference between refinancing a home loan and a second mortgage?

admin — Tue, 02 Aug 2011 09:22:08 +0000

We are thinking about either a cash-out-refinancing of our home loan or applying for a second mortgage but don’t really know the difference between the two options. We are going to use the money for bills we are upside down on. We aren’t so far under that we need to file bankruptcy but we are pretty far behind on all of our bills and want to catch up before its to late. We need info about how the two are different and the pros and cons of the options. Please no spam about your mortgage company. We just need the facts. Thank you

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I am buying a short sale home with a second mortgage…?

admin — Mon, 18 Jul 2011 11:28:06 +0000

I was supposed to meet with the title company today to sign docs for my new home (short sale) and escrow found out that there is a second mortgage with a different company than the first. All docs we had seen til now listed the first and second with the same company. Now that we know there is another company we are waiting for their approval of the sale. They are not going to get anything because our offer just covers what the first mortgage company is after. While I am waiting and praying does anyone have anything to tell me as far as what I can expect or maybe what my options are at this point if they do not sign off on this sale. We have 9 days to close. I’d appreciate your thoughts. Thanks.

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I am a co-signer on a second mortgage with my soon to be ex-husband?

admin — Thu, 14 Jul 2011 09:10:53 +0000

I was a co-signer on a second mortgage about three years ago with my soon to be ex-husband, and I ended up getting really tired of this man and I moved out and got my own place and after I moved out of the house he just let the house go and it was forclosed on just recently, will the mortgage company come after me for payment, I am really worried because I really can’t afford to be getting my check garnished because I have children to take care of.

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VA Home Loan: Can I get a second mortgage when first is underwater?

admin — Sat, 25 Jun 2011 09:05:10 +0000

We have negative equity in our current home, so we aren’t able to sell it anytime soon. We are trying to rent our current home in hopes of purchasing a new home (with better terms) closer to work (I have an hour and a half commute one way!).

Here’s the problem: 30% negative equity, so I don’t think we qualify for another mortgage, especially since the second mortgage, when combined with the first, would consume 65% of total monthly income.

No car payments, no credit card payments, nothing…flawless credit 800+ beacon.

Could we, therefore, qualify for a VA loan (I have the pre-qualification from VA already) for a new primary residence? I think it’s an FHA requirement (the 30% equity or have a rental agreement and a bunch of other documentation) that prohibits another loan when the first is an underwater rental, but wondering if the VA loan route is an exemption to this policy.

In short, would a mortgage company be able to make a VA loan happen (though not required, I would also put 10%+ down and find a house being sold under appraisal), although I currently have another mortgage underwater and the two mortgages together would put me at 65% of gross monthly income?

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After a short sale can the second mortgage company really come after you for the balance?

admin — Thu, 23 Jun 2011 09:04:09 +0000

Ok we finally closed on our short sale this past January after a full year of torture from our second mortgage company Greentree. I have heard a lot of horrible things about them and that they are notorious for preying on the elderly and getting them kicked out of thier home. They bought our second mortgage so we didn’t really have a choice about it. So after 9 months of peace and quiet and trying to get our lives back together I get a phone call out of the blue yesterday from them requesting the balance of the mortgage. I was under the impression that they had settled for 3k out of 30k. Since they were not really supposed to get anything, due to the 100 that our first mortage Citi lost. So the guy was really nasty on the phone when I told him we were not able to pay. He asked if that was a refusal pay and I said I guess so since we don’t have any money. He then said fine then I can release this to claims or court or for lilitigation or something? I was panicked because we have a 16 month old and another 55k loan to pay off. So I called my realtor and he said don’t worry about it. That they are just using strong arm tactics and can’t actually do anything about it. Is this true? Can they take us to court and make us pay back the loan partial or full? Or are they trying to scare us into coughing up what we don’t have?
Thankyou so much for the answers so far. Unfortunately I didn’t really understand all of this while going through it. It was a very hectic year for us with moving from Florida to nj then to Pa. My husband came up first an I was packing up the house with our 6 month old, so when were near our realtor I was a little preoccupied the in January when we signed the final closing packet we were told to call with questions and had literally about two hours to sign it and drop it back in the mail to get back to fl intime for closing. We were so thrilled to be done with it that I guess it’s what we get.