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Can a SECOND mortgage line of credit take your personal belongings?
Wiki User
∙ 13y ago
Mortgages are secured by the real property, not personal property. If the loan is not paid, a second mortgage line of credit may foreclose on the home but your personal belongings are NOT the collateral for the loan.
The old popular image of creditors emptying your home of your belongings is largely a myth. You can only be forced to forfeit items used as collateral for a loan. You may be sued by your lender in some cases and face a judgment, and liens can be placed on bank accounts or against other property.
Wiki User
∙ 13y ago
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When would it be necessary for one to take out a second mortgage?
A second mortgage comes in two forms: home equity and lines of credit. It might be necessary to take out a second mortgage to pay for extensive repairs and remodeling or your home, of if you need a line of credit in a emergency.
Where can someone with bad credit apply for a second mortgage?
There are many places where one can apply for a second mortgage with bad credit. This includes lenders such as Norton Finance, YBS Online and Vanquis.
How can one apply for a second equity home loan mortgage?
One can apply for a second equity home loan mortgage by visiting a bank and filling out the application. Banks make approval decisions about second home loans according to ones home equity and personal credit rating.
Does it hurt your credit to take out a second mortgage?
Taking out a second mortgage can affect your credit score, but it depends on how much of your available credit you are using. Like with a credit card, people who are closer to their borrowing limit are less favorable to banks than people with a lot of credit available.
Who may be eligible for second mortgage lenders in the UK?
Anyone with good credit history and with active first mortgage may be eligible for a second mortgage lenders in the UK. The second mortgage interest rate is generally higher than the first mortgage as the risk levels are higher.
Can you get approved for a second mortgage if you have bad credit?
It is very hard to get any kind of mortgage including a second one after you have bad credit and the worse your credit is the harder it gets to get any morgage. There are a few places out there that will give you one but very very few.
Your credit report show your second mortgage being included in your bankruptcy you never re-affirmed the second mortgage do you still have to pay it?
Never get a second mortgage --- only if you want to keep your house. 2nd mortgagees can foreclose on you
How can one get a second mortgage with bad credit?
It's possible to receive a 2nd mortgage with bad credit you just have to make sure your application is as strong as is possible at the time of application. Beware that your second mortgage will almost always have a higher interest rate than your first.
I am not on the 1st mortgage loan but I co-signed a loan for the second mortgage The 1st mortgage lender is foreclosing If I stay current on the second will my credit show a foreclosure?
the second mortgage is based on the house as collateral. If the house is gone, the bill is due. It is not an unsecured line of credit. When the house goes the 2nd has to be paid in full or it will count against you. The only way around this is to get another line of credit/cash somewhere and pay it in full.
If there is a lien on a house but someone else is on the 2nd mortgage does it affect their credit also?
yes, only if the second mortgage does not get paid.
How could one apply for a 2nd bad credit mortgage in the UK?
Someone can apply for a second bad credit mortgage in the United Kingdom online. A person what has bad credit, they can still apply for a mortgage in the UK by filling out the application they can print online or get from a bank.
How can one receive a 2nd mortgage if they have bad credit?
Specialist mortgage brokers may offer a second mortgage to somebody with bad credit. Since the credit crunch this will be much harder to find however and any such deal is likely to carry a weighty interest rate.
