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Are there mortgage loans where you can borrow for example 30000 The first 15000 to buy a foreclosed home and 15000 to fix it up because the appraisal value is 32000 on this house?
Wiki User
∙ 16y ago
The answer to this question is more or less, yes. First, the home has to be free and clear meaning no lien against the property or that you have $32k in homeequity. Secondly, most companies require that you live at the property. This can usually be verified with a utility bill, phone bill, bank statement stating your name and address(the address of the property you intend to use). Third, you have to get the home appraised by a licensed professional, if the appraisal comes back at $32k, your in luck. Lastly, you've got to have a decent credit score. Your credit score will determine how much of the $32k you are able to borrow(also known as LTV, Loan To Value). An excellent credit score will most likely enable you to use 100% of the homes appraised value. An average credit score may only allow you to use %80 of the homes value. Additionally, it doesn't really matter what you use the money for as long as you live at the property, have equity in home and have decent credit. Hope this helps!
Wiki User
∙ 16y ago
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What happens to the first mortgage when the second mortgage forecloses?
AnswerThe first mortgage would have the first position on the lien. So if the second mortgage company foreclosed on the property - they would sell the property and the sale proceeds must go to pay off the first mortgage company first. Then, if there is anything left over, that money goes to the second mortgage company.For example, there is a first mortgage of 100,000 and a second mortgage of 40,000. The property is foreclosed and sold for 125,000. The first mortgage gets paid off (100,000) and the second mortgage company gets the remaining 25,000.The property owner still owes the second mortgage company the other 15,000.--------------------------------------------------------------------------------------------------------------Not true. Maybe different laws in different states but here the 2nd mortgage foreclosure sale does not directly effect the 1st mortgage. It remains a lien.
What are the example of mortgage market?
Mortgage markets are typically sold between banks and hedge funds. Because they are thus so privatized, there is no formal market.
Is mortgage an example of annuities due?
No, mortgage payments are due in the beginning of the month like rent; however, the mortgage payment covers the previous month's interest and principle on the mortgage loan. Rent is an "annuity due" because it is paid in adavance to cover the next 30 days to follow.
Where can a person get current mortgage rates?
One can get mortgage rates by contacting a mortgage company, such as a banking institution. An example would be by visiting Bank of America and talking to a mortgage expert.
Is there a statute of limitations on a mortgage?
Yes. There are statutes of limitation for mortgages that vary by state. In Massachusetts, for example, a mortgage expires after 35 years.Yes. There are statutes of limitation for mortgages that vary by state. In Massachusetts, for example, a mortgage expires after 35 years.Yes. There are statutes of limitation for mortgages that vary by state. In Massachusetts, for example, a mortgage expires after 35 years.Yes. There are statutes of limitation for mortgages that vary by state. In Massachusetts, for example, a mortgage expires after 35 years.
What happens to the first mortgage when the second mortgage forecloses?
AnswerThe first mortgage would have the first position on the lien. So if the second mortgage company foreclosed on the property - they would sell the property and the sale proceeds must go to pay off the first mortgage company first. Then, if there is anything left over, that money goes to the second mortgage company.For example, there is a first mortgage of 100,000 and a second mortgage of 40,000. The property is foreclosed and sold for 125,000. The first mortgage gets paid off (100,000) and the second mortgage company gets the remaining 25,000.The property owner still owes the second mortgage company the other 15,000.--------------------------------------------------------------------------------------------------------------Not true. Maybe different laws in different states but here the 2nd mortgage foreclosure sale does not directly effect the 1st mortgage. It remains a lien.
Do you have to have an appraisal?
As a buyer, seller, mortgagor (one who gives a mortgage as security for a loan; the borrower) or mortgagee (the party who advances funds for a mortgage loan; the lender) an appraisal is needed in order to be adequately informed about the subject real estate. Appraisals help potential buyers, sellers and mortgagors, and potential mortgagees make a decision. For example, an appraisal helps a buyer determine a reasonable offer for a home that is for sale. A lender will want to know if the subject property is valuable enough to cover the mortgage amount in the event of foreclosure.
What are the example of mortgage market?
Mortgage markets are typically sold between banks and hedge funds. Because they are thus so privatized, there is no formal market.
What is an example sentence using the word appraisal?
She was dissapointed with the appraisal of her house and wanted to get a second opinion.
How does a commercial mortgage company differ from other mortgage companies?
Commercial mortgage companies differ from other mortgage companies because they lend a much smaller percentage of the market value and they allow you to lease the buildings in multi parts, for example the shop space and the flats above
Is mortgage an example of annuities due?
No, mortgage payments are due in the beginning of the month like rent; however, the mortgage payment covers the previous month's interest and principle on the mortgage loan. Rent is an "annuity due" because it is paid in adavance to cover the next 30 days to follow.
Where can a person get current mortgage rates?
One can get mortgage rates by contacting a mortgage company, such as a banking institution. An example would be by visiting Bank of America and talking to a mortgage expert.
Difference between effective dated appraisal and retrospective appraisal?
The effective date is the actual date that the appraiser is on the property, the market value at that specific time. A retrospective appraisal is an appraisal that gives the market value at another specific time other than when the appraisal is done. The retrospective appraisal utilizes information only up to the retrospective date. A good example for the need of a retrospective appraisal is fire, or the belief that a home was over appraised at an earlier date.
Is there a statute of limitations on a mortgage?
Yes. There are statutes of limitation for mortgages that vary by state. In Massachusetts, for example, a mortgage expires after 35 years.Yes. There are statutes of limitation for mortgages that vary by state. In Massachusetts, for example, a mortgage expires after 35 years.Yes. There are statutes of limitation for mortgages that vary by state. In Massachusetts, for example, a mortgage expires after 35 years.Yes. There are statutes of limitation for mortgages that vary by state. In Massachusetts, for example, a mortgage expires after 35 years.
What sites have mortgage repayment calculators?
There are plenty of mortgage calculators online. Most are free and can help you save money on your mortgage. For example, check out "www.mortgagecalculator.org".
Why should you sue a mortgage company?
There are many reasons why you would sue your mortgage company. Each reason would be because the mortgage company wronged you in some way (for example, not putting enough of your monthly payment toward principal). If you feel you have been wronged by your mortgage company, please contact your state attorney generals office.
What is an example of mortgage direct mail?
A good example of a mortgage direct mail is when someone wants to close a sale on a house or building at the right time that is most beneficial to them.
