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Are your chances of buying an investment property limited because your name is on a mortgage?
Wiki User
∙ 13y ago
The fact that you already own a property doesn't really impact your "chances" of buying another one, provided that you can clearly afford the payments on both.
If you can't, then yeah, it might be a problem.
Wiki User
∙ 13y ago
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What happens to the first mortgage when the second mortgage is foreclosed on?
It depends....the 2nd mortgage holder can buy out your first mortgage and then foreclose on the entire property , the chances are higher of this happening is the 2nd mortgage is kinda large or if they are held by the same lender. If the 2nd mortgage holder decides not to buy the first mortgage out then typically nothing with happen because the first mortgage holder is in control. The 2nd mortgage cannot foreclose on the first mortgage so keep the first mortgage payments current.If the 2nd does not buyout the first then the lien with remain on the property and you will be require to pay it off if you sell or refinance the property down the road.Mortgage loan officer PAIn Texas the law is: http://www.avvo.com/legal-answers/tx-foreclosure-second-trust-deed-4498.html
Can a civilian assume a mortgage of a VA property?
Yes, a civilian can assume a mortgage of a Virginia property. In order to get a loan for a property in Virginia, the person must have a credit check completed. If they have good credit, their chances of being approved for the loan are higher. If they have bad credit, the bank or loan officer may ask for the person to have a cosigner.
If you have good credit but not high income and you are interested in purchasing for investment purposes what are your chances of being approved for a loan?
Pretty good if your credit score is high enough. You possibly could qualify for a "Stated Income" loan. On investment property for a stated income loan you normally would have to have a 10% down payment. You can get into a mortgage loan with a lesser down payment going this route, but, you'll definitely be paying for it in your interest rate.
What are the Questions asked by customer related to investment?
Some common questions are: # Risk profile - Chances of losing the investment # Returns on Investment # Investment Tenure # Reputation of the investment house # etc...
What can you do if you have givin the deed to a house to a person who you have a contract with and has not paid you any monies toward the house as per contract you are in the state of California?
If the buyer executed a mortgage in your favor then all you need to do is foreclose on the mortgage and take possession of the property. If the money due to you from the sale is not in the form of a mortgage in your favor then you will have to take your chances suing the new owner in a court of equity for breach of contract.
What are the release dates for The Property Shop - 2008 Second Chances?
The Property Shop - 2008 Second Chances was released on: USA: 6 October 2010
How do you Qualify person in Canada toward mortgage?
To qualify for a mortgage, there are several factors that the lenders will look at. First of all your credit history, available down payment, your debt repayment capacity, property value, property status and your income. They have ratios (which we call as debt service ratios) that are to be met in order to get you the mortgage. Now the fact is with so many lenders out there, the chances of getting mortgages is really varied depending on your situation. If you are a A+++ client, the banks will offer you the best rate and the best options but if your credit and history of payments is not that great, you may have to consider other lenders (called B lenders). We are mortgage professionals at Dreamlife Mortgages, look at all these aspects and hence are able to offer a customized mortgage solution plan to our clients. Weigh in your options property before you make any decision. Mortgage rate though an important factor may not be the only factor that will decide where you get your mortgage from.
What are the chances of you qualifying for a mortgage?
Those chances depend on your personal circumstances such as:employment historyincomelength of employment at present employerother debtscredit recordcost of the propertycondition of the propertyability to pay a down payment
Why is investing a risk?
Investments in certain instruments are risky because there are chances that the value of our investment amount may go down.Ex: If we have invested in the stock marketand suddenly the market crashes due to global economic situations we may end up losing all or part of our investment.
What is the best thing to do with 2nd mortgage with an underwater property?
The scenario described with a property underwater--assuming from the first mortgage with additional debt piled onto that with a second mortgage would make default seem the best solution. It makes no sense to pour money into an investment that is worth less than what one paid for it. Businesses do this all the time--a location isn't working, they close their doors. It is NOT a morality based decision. There is a slim chance that there may be a government program that can help you. If your lender won't play along--I would strongly suggest default. Just be sure you do not live in a state that has recourse. If you do, chances are the lender will not come after you anyway, although they might threaten and send a lot of dunning letters. If you live in a non-recourse state the bank cannot come after your other assets. Before defaulting, consult an accountant and/or an attorney!
What happens if your mother dies and she owns the mortgage on your brother's house but your brother is the only one on the deed?
Chances are that you mother owned the property, borrowed against it and then deeded it to your brother. Your brother took title subject to the mortage. The best thing to do is to encourage your brother to refinance and get a loan in his name. The existing loan might have a clause that accelerates payment in case of the death of the borrower. It is unclear if the lender would be willing ot continue accepting the payments, but your brother will lose the house in foreclosure if he doesn't make the payments.A Different PerspectiveYou stated that your mother owned the mortgage. That sounds like your brother purchased a home and your mother loaned him the money. That means your brother owes a debt to her estate. If she had a will her property, including the mortgage, will pass according to the provisions in the will. If she died intestate, without a will, her property, including the mortgage, will pass to her heirs at law according to the state laws of intestacy. Your brother owes the balance of the mortgage to his mother's heirs and that may include himself. You can check the laws of intestacy for your state at the related question link provided below. You can add more details on the discussion page.
How can a mortgage company sell your property at sheriffs sale with out you knowing?
This is possible, though unlikely unless you're deliberately trying not to know. They are required to make a good faith effort to notify you of the pending sale. That means mailing a notice to your last known mailing address and probably also serving you with papers by physically posting them on the door of the property in question. If you think, like some people apparently do, that if you refuse to take delivery of the notices, they can't sell the property.... sorry, but you're wrong. They have to make the effort to deliver the notice to you; they don't have to come around and force you to read them. The question originally had "mortgage" where it now says "property". A mortgage company call sell your MORTGAGE without notice at any time (I think they have to tell you in the loan contract that they can do this, but this is bog-standard boilerplate, so the chances your contract doesn't include this are effectively nil). This kind of sale would be to another mortgage company, though, and the only real impact on you would be that you now have to send the checks to a different address.
