Easy Home Equity Loan

As in I do not have to pay for it anymore forever? I am keeping the house and up to date paying my first mortgage loan. I do not get bills from my second loan anymore…We recently got our first loan modified…2.5% fixed for 30 years. So we are keeping our house. I just wanna know what is the consequence of our bankruptcy, with us not paying the second loan anymore when we decide to sell the house in the future (maybe 10-20 years from now). Thank you for you time!

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I want to purchase a home in San Diego, but I have limited income. My current first loan (70,000) is a VA loan, and I have a second (00). I only have 00 on hand for a down payment. I could raise the limit of my 2nd mortgage loan in order to get enough for a down payment. Or should I refinance the loans into a conventional loan in order to use my VA loan? My current home is valued at 154,000. Should I take cash out so I can give a bigger down payment? Or should I just sell the home? If I did sell the home for 150,000, (I have been in the home for more than 5 years) how much would I keep after all the fees?

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Yesterday I got a letter from my bank, they are offering me to pay about half of my second mortgage loan and saying that, if I do it, "my loan will be considered payed in full". They also say they will give me an IRS 1099-C form for the amount forgiven.

I have never been late in a payment but I have a terrible loan (balloon), I don’t trust my bank and I was considering refinancing soon (it might not be possible as my loan is higher than what my house is appraised for).

Should I take the offer? Will this inflate my income and kill me at taxes time? What questions should I be asking? Is it as good as it seems?

Professional advice is very welcome.
Ok, the answers up till now seem really good but I want to put a little bit more detail to see is it can help me get even better answers:

First Loan:
9,000 30 years (5 years interest only)
6.5% APR for the first 5 year, then it will go up

Second Loan:
,000 30 years fixed
13% APR
***offered to pay only ,000 to pay it off***

My loans total: 4,000
My house is now worth: about 0,000
My mortgage bank is Aurora Loan Services, just do a search for their company name online and you will know why I don’t trust them. I called them today and they said there was no more information that I could get, just the letter, that’s it. They were kind but not helpful at all and I have only 30 days to take the offer and send my money order… because they will not take a bank wire or any other more secure kind of payment.

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2 days ago I got a letter from Aurora Loan Services, they are offering me to pay about half of my second mortgage loan and saying that, if I do it, "my loan will be considered payed in full". I have to do it within 30 days and the payment has to be done in the form of a cashier check or money order. They also say they will give me an IRS 1099-C form for the amount forgiven.

I have never been late in a payment but I have a terrible loan, I don’t trust my bank (just google Aurora Loan Services and you will see why) and I was considering refinancing soon (it might not be possible as my loan is higher than what my house is appraised for).

Some details about the offer and the loan:

First Loan:
9,000 30 years (5 years interest only)
6.5% APR for the first 5 year, then it will go up

Second Loan:
,000 30 years fixed
13% APR
***offered to pay only ,000 to pay it off***

My loans total: 4,000
My house is now worth: 0,000 to 0,000

I called them today and they said there was no more information I could get, just the letter, in which there isn’t a lot of fine print, pretty much all it says is what I state here. They were kind but not helpful.

Should I take the offer? Will this inflate my income and kill me at taxes time? What questions should I be asking? Is it as good as it seems?

Professional advice is very welcome.

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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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1. Which type of debt is most often secured? (1 point)
mortgage
personal line of credit
credit card
revolving line of credit
2. A(n) _____ is considered unsecured debt. (1 point)
auto loan
mortgage loan
home equity loan
credit card
3. You (or your parents) are purchasing a car for ,965.00 plus 6.25% sales tax. The down payment is ,500.00. What is the difference in the accrued interest at the end of the first month between the average and excellent credit ratings?

Secured
Unsecured

Credit
APR (%)
APR (%)

Excellent
3.95
4.57

Good
4.45
5.04

Average
4.90
5.75

Fair
5.60
6.55

Poor
7.05
8.70

(1 point)
.01
.95
.77
.83
4. You (or your parents) purchase a car for ,125.00 plus 7.5% sales tax. The down payment is ,125.00. You have a fair credit rating. What is your new principal balance at the beginning of the second month if you pay 9.75 at the end of the first month?

Secured
Unsecured

Credit
APR (%)
APR (%)

Excellent
3.95
4.57

Good
4.45
5.04

Average
4.90
5.75

Fair
5.60
6.55

Poor
7.05
8.70

(1 point)
,706.14
,595.25
,704.53
,579.63

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So, that way I could use some money to rehab around the property rather than getting a mortgage loan. The rental properties are usually ranged K to K.

Thanks!

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My dad is interested in purchasing a home for me and "renting" it to me. His house is paid off, he has no mortgage loan currently. Does he have to put down 20%? If so, is there any way to get around that?

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