| Question about :
2nd_Mortgage |
Page : 1 2 |
| |
|
|
 |
Should I pay more then just interest on a 2nd mortgage?
My husband and I owe about $98K on our house. Before we got married, he took a $40K second mortgage on the house to pay for graduate school. We are only paying the interest on the 2nd mortgage, at about $350 a month. We are planning to sell in two years and we'll list the house for about $170K. My question is, do we continue paying just the interest on the 2nd mortagage and pay it off when we sell, or should we start making larger payments off the balance? Any help you can give is greatly appreciated!!!
We put a decent amount into savings a month, and retirement each year. I've been going back and forth over paying more towards the balance of the 2nd, or paying more towards credit cards that have a low interest rate.
|
| By
merk |
Posted
on
03/27/06 Total Answers
6 |
| |
|
| |
|
|
 |
Can you use a 2nd mortgage to remove PMI on a pre-existing first mortgage?
I have read that a lender must automatically remove PMI once your LTV is 78% of the original amount financed. I have a single loan, and I bought the property well below market value. Since my loan is not 2 years old the lender will not remove PMI with a simple apprasial. Is the lender required to remove PMI if I use a 2nd on the property to pay down on the first to get below the 78%.
To add a little more detail. I bought this house prior to selling my old one. Now that my old one is sold I find I am a few percentage points away from achieving the 78%
I'm not so sure the bank has a real say once I get to 78% from the original finance amount. The Homeowners protection act(1998) seems to indicate that they have to remove it by law.
|
| By
Chris I |
Posted
on
08/30/07 Total Answers
7 |
| |
|
| |
|
|
 |
If I want to combine my 1st and 2nd mortgage what type of loan would that be?
If we refinance and combine our 1st mortgage and our home equity line, what type of loan is that called. I don't want to call a mortgage place right now because they will run our credit and all that stuff. Also would we qualify for the low rates that are being advertised if we have good credit?
|
| By
whattheheck |
Posted
on
01/23/08 Total Answers
5 |
| |
|
| |
|
|
|
How do I write off a seller financed 2nd mortgage?
I am selling my house for $89,900, the buyers said the only way they can get a mortgage for that is to have the paperwork show a sale price of $113,000, with me financing the remaining amount, and then I can write off what I'm supposedly financing without any penalty. How do I write it off?
|
| By
john b |
Posted
on
03/23/07 Total Answers
7 |
| |
|
| |
|
|
|
Is having a 2nd mortgage (owner financing) considered to be a negative in the eyes of a bank?
i am purchasing the property, the bank will have 1st position and the seller has agreed to take back a note 2nd position.
i am wondering if having a second mortgage will reduce my chances of closing the first mortgage?
i want to be clear, i plan to inform the bank and i have no intention to commit fraud by concealing the second mortgage.
|
| By
Batfish |
Posted
on
01/31/08 Total Answers
4 |
| |
|
| |
|
|
 |
Last year I refianced for a 2nd mortgage. What can be done about a payoff being 31 days late?
I took out a second to pay off a ballon payment mortgage. They said not to make the payment that they would pay it off. They paid it off late by 31 or 32 days.
|
| By
rosesbloom7 |
Posted
on
02/06/07 Total Answers
1 |
| |
|
| |
|
|
 |
Refinancing or getting a 2nd mortgage during bankruptcy?
My friend currently has an ARM mortgage and is in bankruptcy. She needs to know if there is anyway for her to get a second mortgage or to refinance the mortgage she has right now while going through bankruptcy. I told her I didn't believe she would be able until after the bankruptcy but I would check around anyway. Thanks in advance all.
|
| By
jafco13 |
Posted
on
06/25/08 Total Answers
1 |
| |
|
| |
|
|
|
Is it possible to refinance my 2nd mortgage and leave my 1st alone?
I ask this because most lender said I have to refinance my 1st in order to pay off my 2nd, but if I do that because of my low credit score my interest will go way up and it will double what I am paying now. Is there a solution?
|
| By
mcoopd1 |
Posted
on
12/15/06 Total Answers
1 |
| |
|
| |
|
|
 |
Can a 2nd mortgage forclose on a house?
I have a client that has two mortgages - first for 127,000 and a second for 15,000. The client wants to let the 2nd go 60 days late but is worried. I don't know about these things, so I wanted to see if any of you have any ideas or have been through this. Thanks!
|
| By
kelbean |
Posted
on
03/26/08 Total Answers
2 |
| |
|
| |
|
|
 |
Short sale when you have a 1st and 2nd mortgage?
If you do a short sale on your property, the first mortgage gets cleared, but what happens with the second mortgage? Does the other bank still come after you for the balance?
|
| By
Laura B |
Posted
on
01/16/08 Total Answers
4 |
| |
|
| |
|
|
 |
I never released 2nd mortgage and the title company missed it. How do I file a claim with the title company?
Also, the original loan was for 18 months at 10.5% interest. It was due in 2003. It was never paid and I was wondering if the title company would be responsible for interest for the last 5 years. It was recorded.
|
| By
the_hankster751 |
Posted
on
03/31/08 Total Answers
5 |
| |
|
| |
|
|
|
Should I take out a 2nd mortgage to pay for my credit card debt?
My husband and I are in our late fifties. He is disabled and is on a set income. We only make enough money to pay a our bills. There is very little money left over for gas, groceries or everyday living. We owe 25,000 in credit card debt and have about 30,000 in equity in our house.
|
| By
Cynthia H |
Posted
on
10/19/06 Total Answers
12 |
| |
|
| |
|
|
 |
Do you have to pay the 2nd mortgage if the property forclosed?
My credit report shows the account as paid and closed, but the lender is calling because they want their money. I received a 1099A on the first loan already but not on the second loan, what can I do?
|
| By
claudia |
Posted
on
02/28/08 Total Answers
4 |
| |
|
| |
|
|
|
What is the cost of refinancing with the same mortgage company? payoff 2nd & credit card loans?
I want to refinance my 1st mortgage with the same lender, pay off 2nd mortgage from another lender, get cash out for to pay off other loans. Total amount to borrow is $330,000.00. How much should the lender charge to do this?
|
| By
z2008a |
Posted
on
06/05/08 Total Answers
2 |
| |
|
| |
|
|
|
if I transfer a 2nd mortgage to a credit card with a lower APR, can I still deduct the interest for taxes?
the rate is lower... 4.9 vs 8.5, and it is fixed. I can always leave the 2nd mortgage line open and transfer the money back if i default and they jack the rate.
|
| By
Nostalgic |
Posted
on
12/28/07 Total Answers
4 |
| |
|
| |
|
|
 |
Question about selling home with 2nd mortgage and buying a new one?
My husband and I are contemplating buying a new home. We have only owned the one we have now for 1 year. We also have a second mortgage. My question is - will the proceeds first be used to pay off the second mortgage before they would be subject to capital gains tax? What happens if we don't get enough in the sale of our home to pay off the second mortage completely? If we have money left over, what can we do to avoid the capital gains tax on it?
|
| By
punkinbutt'smama |
Posted
on
05/30/07 Total Answers
4 |
| |
|
| |
|
|
|
After a foreclosure, Can the 2nd mortgage go after my personal assets or business?
the property is in CA. The original loan was 80/20 100% financing purchase money loan. The creditor is calling that I need to pay them, but I dont have the property anymore. Please help.
|
| By
Chicky-D-Chick |
Posted
on
11/09/07 Total Answers
2 |
| |
|
| |
|
|
 |
Can you write off the interest on a 2nd mortgage loan?
I'm in Nevada, and I have a equity line loan on my house. Can I write the interest off on my taxes?
|
| By
Futeach |
Posted
on
11/19/07 Total Answers
7 |
| |
|
| |
|
|
|
What happens after a foreclosure if money is still owed to a 2ND mortgage?
How do they get paid if property sold for less than what is owed?
|
| By
ottfive |
Posted
on
03/26/08 Total Answers
3 |
| |
|
| |
|
|
|
Is it possible for me to refinance my 2nd mortgage and leave my 1st alone?
I ask this because most lender said I have to refinance my 1st in order to pay off my 2nd, but if I do that because of my low credit score my interest will go way up and it will double what I am paying now. Is there a solution?
|
| By
mcoopd1 |
Posted
on
12/15/06 Total Answers
6 |
| |
|
| |
|
|
 |
Is it better to be charged PMI or take out a 2nd mortgage if I want to lower my monthly payments?
We'll only be putting 10% down on a $370,000 home, hopefully getting a 6% interest rate. Is it better to pay PMI on the $333,000 or take out a second mortgage for a percentage of the $333,000?
|
| By
LCassidy |
Posted
on
02/27/06 Total Answers
2 |
| |
|
| |
|
|
 |
Is putting 2 mortages on your house dangerous? How much can you get out of a 2nd mortgage?
What if I plan on staying in my house for ever and ever?
|
| By
SadToday22 |
Posted
on
08/11/07 Total Answers
11 |
| |
|
| |
|
|
|
Who do i turn my keys to if i have a 1st and 2nd mortgage loan?
I dont want to pay my house anymore and i just want to return the keys? can i do this?
|
| By
didyouknowy |
Posted
on
05/09/08 Total Answers
9 |
| |
|
|
| Question about :
2nd_Mortgage |
Page : 1 2 |
|
