This is not determined by the number of payments you make, it is determined by how much equity you have in the home. If the home is worth more than the outstanding balance on the mortgage, you may be able to get a second mortgage or home equity line of credit.
It can vary greatly, but common dates are the 1st and the 15th.
As long as your mortgage or other payment is received by the loan company within the grace period which is usually 15 days...it is paid on time and does not show a late payment on your credit report.
The only way would be for the 2nd mortgage holder to "buy out" or "pay off" the 1st mortgage holder. Even then, I believe most states require that the 1st mortgage holder receive notification.
In foreclosure proceedings the 1st mortgage gets their money first. Either the 2nd mortgage will have to buy the 1st mortgage entirely and then sell your house or they will have to hope that whoever buys the mortgage at auction, will bid enough to pay them off.
The seller holds a 2nd mortgage in lieu of getting the money from the buyer at close-- that way a buyer can have a partial down payment and a lower first mortgage. Ex. house sold for $100,000, 1st mortgage is $80,000, buyer has $10,000+ closing costs, seller holds a 2nd for $10,000 which the buyer has promised to pay back. At the end of the close, the attorney's have the buyers sign a promissory note and a mortgage note for the sellers. Then per the promissory note, the sellers get a payment every month or a payment every month with a lump sum in a year or two's time. When the buyers pay the sellers off, the sellers will give them a "satisfaction of mortgage" paper that has to be filed at the county court house. This will leave only the 1st mortgage on the property. I do have to say that all this has to be disclosed to the 1st lender and can be turned down by the 1st lender. This has to be disclosed because the buyers have to show that they can afford both payments on the house and the rest of their debt load.
It can vary greatly, but common dates are the 1st and the 15th.
You will be able to keep the house provided you keep making the mortgage payments. In a chpt. 13, if the 1st mortgage amount is higher than the house value, you can strip the 2nd mortgage and treat it as an unsecured creditor. If the house value is higher than the 1st mortgage, then you will need to keep paying both mortgages.
Yes you can; if you qualify. What I mean by that is can your income handle/carry all 3 mortgage loan payments? If so, then purchasing another home without your current home selling shouldn't be a problem.
As long as your mortgage or other payment is received by the loan company within the grace period which is usually 15 days...it is paid on time and does not show a late payment on your credit report.
You will then have one mortgage and not two.
The only way would be for the 2nd mortgage holder to "buy out" or "pay off" the 1st mortgage holder. Even then, I believe most states require that the 1st mortgage holder receive notification.
In foreclosure proceedings the 1st mortgage gets their money first. Either the 2nd mortgage will have to buy the 1st mortgage entirely and then sell your house or they will have to hope that whoever buys the mortgage at auction, will bid enough to pay them off.
The seller holds a 2nd mortgage in lieu of getting the money from the buyer at close-- that way a buyer can have a partial down payment and a lower first mortgage. Ex. house sold for $100,000, 1st mortgage is $80,000, buyer has $10,000+ closing costs, seller holds a 2nd for $10,000 which the buyer has promised to pay back. At the end of the close, the attorney's have the buyers sign a promissory note and a mortgage note for the sellers. Then per the promissory note, the sellers get a payment every month or a payment every month with a lump sum in a year or two's time. When the buyers pay the sellers off, the sellers will give them a "satisfaction of mortgage" paper that has to be filed at the county court house. This will leave only the 1st mortgage on the property. I do have to say that all this has to be disclosed to the 1st lender and can be turned down by the 1st lender. This has to be disclosed because the buyers have to show that they can afford both payments on the house and the rest of their debt load.
No. The mortgage remains in first place as an encumbrance against the property.No. The mortgage remains in first place as an encumbrance against the property.No. The mortgage remains in first place as an encumbrance against the property.No. The mortgage remains in first place as an encumbrance against the property.
If your first mortgage has been discharged it cannot be refinanced since there is no longer any debt. You can grant a new mortgage.
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