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There will be serious consequences. The lender you don't pay has the right to take possession of the property by foreclosure.
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∙ 10y ago
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What is the time period to pay off a homeowner secured loan?
There are two types of homeowner secured loans. One is a second mortgage. The other is a cash out refinance. In both cases, the pay off timetables are identical to regular mortgages, typically fifteen or thirty years.
Where can one compare rates for 30 year mortgages in Atlanta Georgia?
There are several places where one can compare rates for 30 year mortgages in Atlanta, Georgia. One can look on Zillow, or one could just as easily consult Bankrate. These are only two of many other websites which allow users to compare rates for 30 year mortgages.
Can you have two mortgages for one property?
Yes. It is possible to have a mortgage and get a second mortgage on the same property. In some cases there are more than two mortgages on a single property.
Can one person have two mortgages?
Yes. Many people do, especially if they have let property.
Does First Direct offer mortgages?
First direct (an online bank account) offers two main types of mortgages. A repayment mortgage that allows you to pay the interest and part of the capitl and an offset mortgage that you only pay the interest on. I would recommend visiting their website as this expains everything in more detail.
If there are two mortgages first one larger than the second one an the first one gets enough to cover their loan what happens to the second loan can they take other property you have like land?
What was the question again?
Can bank sell one of the two mortgages?
Yes. The bank owns the mortgages and can sell either or both to another entity.Yes. The bank owns the mortgages and can sell either or both to another entity.Yes. The bank owns the mortgages and can sell either or both to another entity.Yes. The bank owns the mortgages and can sell either or both to another entity.
Can you have two residential mortgages on two separate houses?
Yes
If you are coming into money and have two outstanding mortgages should you pay the second one off or refinance and use the money as a larger down payment?
Pay off the highest interest (most likely the 2nd mortgage) first. Then if the interest rate on the first mortgage is high, refinance. High is anything over 7%. Low is 5.25. Be careful of interest only mortgages and paying down points, they are both a bad idea. Watch the junk fees as well.
What are the advantages of two properties under one mortgage?
There may be more advantages having two mortgages. That way, if your economic status changes and you can no longer afford it all, you could keep one property and let the lender foreclose of the other. If both are on the same mortgage you would lose them both in a foreclosure. You should consult with your attorney.There may be more advantages having two mortgages. That way, if your economic status changes and you can no longer afford it all, you could keep one property and let the lender foreclose of the other. If both are on the same mortgage you would lose them both in a foreclosure. You should consult with your attorney.There may be more advantages having two mortgages. That way, if your economic status changes and you can no longer afford it all, you could keep one property and let the lender foreclose of the other. If both are on the same mortgage you would lose them both in a foreclosure. You should consult with your attorney.There may be more advantages having two mortgages. That way, if your economic status changes and you can no longer afford it all, you could keep one property and let the lender foreclose of the other. If both are on the same mortgage you would lose them both in a foreclosure. You should consult with your attorney.
I own 2 homes with mortgages. If I file for bankruptcy and have an IRA that can pay for one of the two homes can I keep it?
Get professional help NOW. Your IRA is exempt, doing what you suggest only would mean you could lose it, and the house, when losing neither is actually possible.
What is a 4 percent difference on a mortgage?
4% difference on the interest rate of the mortgage. IE: One mortgage could be 7% and the other could be 3% so there is a 4% difference in the interest rate of the two mortgages.
