Go Back To Search Results Question Can I get a home equity loan if there are two mortgages on the house already? My mom is planning to add my name to the title or deed for our home. She already has two mortgages on the home, the original and then a second that was a loan for the roof. Would I be able to get a home equity loan for this home. I live in Milwaukee, WI By micooooooo Posted on 04/20/10 Total Answers 6 Answers- Is there any equity left? Answer by : My Take on It On Date 2010-04-20 21:35:11 No. Answer by : MadMan On Date 2010-04-21 04:58:57 No mortgage company or bank will do a third mortgage. Also you being added to the title does not let you borrow against the property until you have ownership for 12 months & then your mom would also have to sign. You would most likely have to pay off both existing loans to get a new one. Answer by : Beverly S On Date 2010-04-21 05:28:42 In theory it's possible, but not very likely. A previous poster posed the more important question here, Is there any equity left? If so, it may be possible to refinance that 2nd mortgage and take additional cash out from it. If your mom already owes more than 80% of the value of the home, it will be unlikely that you can obtain any additional financing. Answer by : Arbor Mortgage On Date 2010-04-21 05:41:59 Mortgage loans are based on the equity in a property (house) not the number of mortgage loans you take out against the house. Most lenders will not approve a third mortgage. They will however, approve a second mortgage. This would mean that the company you are planning to borrow the money from would want and demand that you pay off the existing mortgage loan. What ever is left after paying off the current second mortgage loan you would get in your hands. Normally a lender would only lend up to 80% of the value of the property. Therefore if you have that type of equity then you might be approved for a mortgage loan, but only after paying off the existing second mortgage. I don't know why your mother is adding you to the title deed, because she would lose overall control of the property. If you and your mother are still set on her signing you on and becoming one of the owners of the property, please do this signing through a local title company. Going through a title company could possibly prevent potential legal problems. I hope this has been of some benefit to you, good luck. "FIGHT ON" Answer by : loanmasterone On Date 2010-04-21 09:53:11 hi If you looking for a legitimate online loans in 1 Hour.once approved your loan will be transferred directly to your checking account promptly, and securely. Now you'll be able to use the cash for all your necessities. http://bestonlineloancompanies.com • 100% secure and processing • No faxing -No credit check • Immediate online approval • Excellent customer service • Get Cash in Minutes! Good luck!............. Answer by : Mark On Date 2010-04-22 16:19:52   Go Back To Search Results