Easy Home Equity Loan

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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I am a builder and I have a buyer who is approved for a loan but the lender requires 10% downpayment. Can a Builder assist Buyer in Downpayment by loaning down payment as second mortgage. I am assuming a deed will be issued against the property. Can you please explain how this will work.
To add to this question, I have considered FHA loan but my new condo complex is made up of 8 units with 5 sold and the units have not been turned over to the HOA yet. I am not sure if that will meet the FHA requirement. If it does, please explain

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I am in a situation in Michigan (house values are dropping at the rate of gravity!) where my income has dropped severely this year and I am trying to avoid foreclosure/bankruptcy. I have read that it is possible to settle with a second mortgage rather than foreclose but need some ideas on how to go about it. Any suggestions would be great!

I owe about 40k on the loan, would like to settle for 10k. Just pure guess have no idea if they would except the difference.

Thanks for the info, help!

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I was wondering how hard is it to qualify for a second mortgage? We bought our first house a year ago and are planning on renting it out and building a new home. Our credit score is a little above average and we would have a little to put down.

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I already have a re mortgage will this re mortgage affect my second mortgage that i am planning to take out? By the way Im in the uk.

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I purchased my first townhouse for 50k about 7 months ago with a VA loan. I would like to purchase another townhouse in the same building as mine to rent out. Does anyone know a way for me to get a second mortgage so I can purchase the property. All the banks I look up online will not lend for investment properties. Currently my house note is 400 a month I pay double every month to pay it off faster. Also there are still renters in the other townhouses that pay 650 for rent and I am willing to put down 20% with the new loan.

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Hi I am from Southern California and my father has been having debt problems, mostly with his second mortgage. He recently told me that he found a lawyer on a radio station that has promised to get rid of all his debts. All the lawyer asks for is 00 now and another 00 later (this plus a number of different fees such as home evaluation fee over 0 plus 0 per visit and court appearance). To be honest this guy seems a bit shady to me, he says he is just starting and that his office is empty-looking because he just moved to this building. He has promised my father that in three years he will be debt free and that even though my father owes ,000 in credit cards plus the mortgage, that he will not pay more than 0 a month and thus he will have a lot of money left over to spend as he pleases. He has also told him to immediatelly stop paying everything, regardless of my father’s situation. The guy defined bankruptcy as practically total debt forgiveness and just a simple way to “start fresh.” I am not sure bankruptcy is the way to go for my father; he can afford his credit card debts and his first mortgage and is only really having troubles with the second mortgage of about ,000. This lawyer said “If what I promise you sounds too good to be true it’s only because you people are ill-informed.” He has promised debt forgiveness and more cash… I have a gut feeling that this guy is not well intentioned…

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We have been renting to own a house. We have been saving up for the down payment. We have been rent to own for over 2 years. The owners have been using all of the rent to make house payments. They told us we will only owe the balance of the loan. We have found out that the owners have recently taken out a loan using the house (is this a second mortgage?). They told us that it won’t affect what we buy the home for (they verbally quoted a price). How can they sell us the house if they borrow money against it to buy another home? How do we protect ourselves without getting robbed by lawyers? We have never done anything like this before so we are blind to what can happen to us. I read if they default on the loan that we could loose the home even if we buy it from them. Also, we heard they had some back tax problems from something else.

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