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| Question about :
2nd_Mortgage |
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Is it worth paying off 2nd mortgage balloon payment?
I have 260K 1st mortgage at 5.25% and 49K 2nd mortgage at 7.5%.
My 2nd mortgage is a balloon loan due next April.
The home market value is 265K.
Do I need to payoff my balloon payment?
Is it worth paying of the balloon payment when we have negative equity?
Is there any way to avoid this balloon payment?
I have contacted the bank. They said I need to contact them 2 months before expiration ie February. I need to show financial hardship to get 2nd mortgage modified.
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| By
nani |
Posted
on
11/16/10 Total Answers
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1st mortgagor foreclosed & did not pay any to my 2nd mortgage, do I have to continue to pay the 2nd?
My 1st mortgagor foreclosed & did not pay any to my 2nd mortgage, do I have to continue to pay the 2nd? (State of Tx) Is the secondary mortgage now considered an unsecured loan? I don't understand why I'm still obligated to pay the secondary if I don't even own the home any more.... It's 30k!
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| By
Single Mom |
Posted
on
05/05/08 Total Answers
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Are 2nd mortgage rates the same as the first?
I see that home equity line of credit has a larger interest rate. However, if I were to take out a 2nd mortgage, are the rates the same as a first mortgage for that day?
Also, are there closing costs on a 2nd mortgage and are they relatively the same?
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| By
Fred Head |
Posted
on
08/10/10 Total Answers
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What if my 1st and 2nd mortgage are owned by the same bank?
My 2nd mortgage is owned by BofA and since BofA bought out country wide my 1st mortgage is now owned by BofA as well. I'm considering walking away since i'm upside down, should i stop paying both mortagages since they are owned by the same bank? and should I also close my savings and checking account at BoA?
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| By
Mr. C |
Posted
on
05/30/09 Total Answers
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What do you do when your mortgage company does not include the original 2nd mortgage in with the modification?
We are working on a loan modification with our lender. We just found out today that the original 2nd mortgage is getting charged off and was not included in the modification package. What can I do since they never told me the 2nd mortgage was sold to investors and that they can not include it in the modification ? I am a little dumb founded...
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| By
Tina |
Posted
on
04/19/10 Total Answers
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Do you think a 2nd mortgage company would agree to a short sale?
Rather than get nothing if we file bankruptcy, would a 2nd mortgage company agree to walk away with only a few thousand dollars in a short sale? We anticipate being able to sell for $120,00, but minus realtor fees there would be $113,200 left, and the first mortgage company oluld get $107,000 leaving only about $6,000 left for the 2nd, but we owe them $42,000.
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| By
tiredbutwiredlove |
Posted
on
03/18/09 Total Answers
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What happens if I stop paying my 2nd mortgage, but continue to pay my first?
I can not pay my 2nd mortgage, what can the 2nd lending company do it I stop paying, but contiue to pay the 1st. mortgage?
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| By
Taijens L |
Posted
on
02/18/09 Total Answers
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How to file 982 part II reduction of tax attributes for 2nd mortgage?
I received a 1099c for 2nd mortgage ($37,000), which i included in bankruptcy. I still live in the home and am current on the 1st mortgage ($140,000). The fair market value on 1099c is $165,000. I am not sure how to fill out part II reduction of tax attributes form 982.
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| By
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Posted
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01/27/11 Total Answers
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Can a 2nd mortgage company foreclose on my house?
If I am behind over 3 months on my 2nd mortgage, can the lender foreclose on my home?
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| By
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Posted
on
10/07/10 Total Answers
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Do you figure mortgage payments for a 2nd mortgage the same as for a 1st mortgage?
We're about to close on a house and we have a 1st mortgage, and then a 2nd to pay some of the down payment. This avoids PMI.
If I plug the numbers into a mortgage payment calculator, the 1st mortgage payment is the same as the one on the TIL the lender provided. But the 2nd payment isn't - the calculators all say it's less than what the lender is saying.
Is there a different mortgage payment calculator for a 2nd?
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| By
neffykitty |
Posted
on
12/06/07 Total Answers
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Is it better to roll-in your closing costs or get a 2nd mortgage to cover them?
We just closed on our townhome this past Friday. We ended up with less money than we had hoped for because the closing costs were so high. We're due to close on our new single family home August 10th and those closing costs are going to be higher than we planned for too! Anyway, we're going to be about $4,000 short on closing costs for the new house. Is it better to roll it in to the mortgage or get a 2nd mortgage on top of the first? Not sure how this works. Thanks.
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| By
Cookie On My Mind |
Posted
on
07/30/07 Total Answers
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When to refinance and what to do with 2nd mortgage?
Bought home in October of 2006.Bought it with no money down. Did 80/20 Loan: 1st Loan 7.125% 2nd 10.5%. Interest only 5/ARM. Price was $584000 In the Los Angeles area.
Bought Home below market value, houses around my area are selling for $650K and up.How soon can I refinance to a fixed rate and what can I do about the 2nd mortgage in order to avoid getting a Jumbo Loan rate and having to pay PMI?
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| By
Mak |
Posted
on
12/17/06 Total Answers
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How my credit will be affected & the possibility of keeping my home should I default on my 2nd mortgage?
I have a 1st & 2nd. Both mortgages are current- now. I am upside down in my property. Both loans are re-setting 9/08. Since I have no equity, what is the likelihood the 2nd will foreclose? If they decide not to foreclose can I still stay in the home & keep making the 1st mortgage payments ? How is this reported to the credit reporting agencies? For how long?
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| By
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Posted
on
02/26/08 Total Answers
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What are my options as 2nd Mortgage holder when delinquent?
In Florida, I hold a 2nd mortgage for an individual who is 2 months behind in payments. What are my options regarding Liens?
Can I attach other property or does it have to be the property to which the mortgage pertains?
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| By
Greg A |
Posted
on
12/14/06 Total Answers
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Can a default on a 2nd mortgage cause the the 1st to go into foreclosure if payments are current on the 1st?
I have 2 mortgages and was wondering what happens if one goes into default, can the mortgage in default cause foreclosure on both the 2nd and 1st mortgage?
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| By
parasite414 |
Posted
on
12/02/07 Total Answers
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How does a seller held 2nd mortgage work?
The seller of the house that I want to buy says that he will do a seller held 2nd mortgage. How does that work?
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| By
happygirl |
Posted
on
09/30/06 Total Answers
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If i am unable to pay my 1st and 2nd mortgage, can the bank freeze my checking/savings accounts?
I received my 2nd mortgage through the bank that i have my checking account with.
I am in Florida.
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| By
Sheri |
Posted
on
02/01/09 Total Answers
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How do I get a loan by taking out a 2nd mortgage on my home?
I need a loan, so I have decided to take out a 2nd mortgage on my home.. How does that work? and how long does it take to get the funds? I have never does this before..
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| By
PopLady |
Posted
on
06/20/09 Total Answers
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Can I get foreclose if I miss my payment on my 2nd mortgage ?
I have been making my 1st mortgage payment, my income is not the same. I could only afford to pay my 1st mortgage payment, can they foreclose if I don't pay my 2nd mortgage?
I have contacted the bank for my 2nd mortgage that I'm not able to pay and apparently they don't care, they want payment as soon as possible.
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| By
Jewel |
Posted
on
12/12/08 Total Answers
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Do I have to file Chapter 13 if my 2nd mortgage has been charged off?
Home value is well below 1st mortgage and we have no plans to move. 1st mortgage is current but due to job loss could not keep up 2nd. What happens if I don't file Chapter 13?
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| By
midwest73 |
Posted
on
10/23/09 Total Answers
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Need Advice: What happens to the second mortgage after the home is foreclosed. Does the 2nd mortgage disappear
Unfortunately my home was foreclosed and I tought, the 1st and 2nd mortgage disappears and the procces will ended. But suddenly I started receiving calls from the bank lender of the 2nd mortgage. They said I still owed them even if the home was foreclosed and if I didn't pay them, they will reported to the IRS, so they can charge it off on my paycheck. It's that true. Need some advice. Thank You!!
(I had a 80/20 loan with two different bank lenders)
Oceanside, California
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| By
alvin |
Posted
on
12/08/07 Total Answers
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can an overdue 2nd mortgage put home in default if 1st mortgage is timely?
if 1st mortgage is paid on time and has not defaulted but 2nd mortgage is behind, can 2nd mortgage cause house to default?
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| By
ownbiz |
Posted
on
03/28/09 Total Answers
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What are the current rates for a 2nd mortgage.?
Also where can I go to find this information without having to fill out a online loan application?
My house is worth $600000, I have $120000 in equity, I want to take out a 2nd mortgage for $55,000. I'd like to know the rates currently February 15, 2007.
Thanks
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| By
tenped |
Posted
on
02/15/07 Total Answers
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How long do we have to wait to take out a 2nd mortgage?
We are wanting to do debt consolidation. We just made our first house payment. It was a Fannie Mae foreclosure which we purchased thru a loan with the USDA. We paid $58,000 the house appraises for $72,500. How long do we have to wait to get a 2nd mortgage and how much could we get? Any help would be great ...thanks
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| By
tonna_lynn_76 |
Posted
on
07/15/09 Total Answers
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Is a silent 2nd mortgage included when determining the equity in a home?
I bought my home with a silent 2nd mortgage and I need to know how much equity I have in my home. Should I determine the equity with the 2nd mortgage added to the price?
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| By
Arturo Amante |
Posted
on
06/22/07 Total Answers
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| Question about :
2nd_Mortgage |
Page : 1 2 |
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