Saturday, 4. September 2010
I bought the house five years ago. I have a first and second mortgage. The second is the initial purchase of the home. It is not a refi. Thinking of walking away due to circumstances. Can they come after me for the second mortgage?
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.
Tuesday, 24. August 2010
Home with lots of equity. Can’t refinance or get a second mortgage. Any other alternatives. I need some cash!
Monday, 23. August 2010
We have a second mortgage on our home. The interest rate varies between 7 & 8 percent. Would we be better off to take money out of an annunity (tax free) and pay this off or leave it in and draw 3% interest? Thank you.
Sunday, 22. August 2010
I filed bankruptcy last June . Can they still make me pay on that second mortgage?
Saturday, 21. August 2010
I would like to know if there is a company who will refinance second mortgage after the house being purchased a month. If they do it will they do the price up the appraisal instead the price of the last month purchased. I like to do stated income and stated asset program.
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?
Tuesday, 17. August 2010
When my husband and I sold our home, we took back a 5-year second mortgage for the buyer. Now that we’ve found a home we want to buy, we don’t have enough cash for a down payment, but would like to use the second mortgage as the down payment, and sign it over as a deed of trust with assignment of rents … or something like that. What we’d like to know is whether or not that can be done? Or, if that can’t be done, what kind of transaction can occur that would allow us to us to use that second mortgage as the down payment? I’d appreciate a response from a knowledgeable real estate person, mortgage lender, or other financial/contracts professional. Thank you. jdbnosik