Yes, if there is no equity in the house to secure that second mortgage, or the equity is less than the exemption.
Equity release is re-mortgage plan that makes it possible to release equity on a mortgaged property. But, as soon as the equity amount is paid, you have to clear all the outstanding mortgages on your house. There are some equity release providers who deduct the outstanding mortgages from the value of your house to repay the loan.
Yes it is possible to refinance your house if you have low equity. But you must have at least 20 percent equity before your refinance will be apporoved.
Children will normally inherit their parents' property, which will include the equity in a house, even if the mortgage is not fully paid.
If you are paying the mortgage, your husband didn't pay for the house. The bank owns the house and you and your husband have an equal share in the equity.
Equity release, in mortgage language, refers to the ability of an individual to obtain a sum of money relative to the value of one's house while retaining the house.
It depends on whether the second mortgage attaches to any equity in the property. If the house is worth as much or more than the first mortgage balance, you may well be able to.
Deduct your mortgage balance(s) from the appraised value of the house. The remainder will be your equity.
The executor of the estate has the option of continuing to pay the mortgage and thereby continuing to own the property (which is presumably a house) or selling it. When you sell a house that has a mortgage, some of the purchase price will go to you, based on your equity in the house, and some will go to pay off the mortgage. If there is little equity in the house, or if the housing market is very depressed, you may realize little or no profit on the sale of the house, but you won't have to continue paying the mortgage.
It's like a second mortgage on your home. They would evaluate the worth of your house minus the amount owed on the first mortgage and loan you a percentage of the difference. You would have to pay two mortgage payments.
A reverse mortgage is an instrument that uses the equity in a senior citizen's house to provide him or her with income. Once the homeowner dies, the lender gets the house.
An equity release loan is a means of borrowing money which will allow a person to release equity that has been storing up in their home, meaning that if a person buys a mortgage and the house earns/becomes worth more than what is said in the mortgage, the loan shall release this amount thus deducting from the mortgage.
A home equity loan mortgage may help by getting a great rate on borrowing. If you need a great rate, and you are willing to put part of the value of your house as collateral, this is for you.
Keep in mind that if there was an outstanding mortgage on the property when it was quitclaimed to you then the property is subject to that mortgage. The lender will find the first mortgage when the title is examined and then will decide if there is enough equity in the property to loan more money to you.
Absolutely. Contact a mortgage or lending professional for details.
i have a second mortgage and find it hard to pay the equity in the house is far to low to what they gave what can i do
Yes. If you are a joint fee owner and you didn't sign the mortgage then your half interest is free of the mortgage.
Talk to a local experienced bankruptcy lawyer. If there is equity in the house after deducting the payoff on the first mortgage and any priority liens, you should not have a problem. If there is equity, it gets more complicated, but you may be able to keep the house with a Chapter 13.
Equity is the proportion of those assets you own, compared to the debt on those assets. An example would be a house. A house is an asset. The equity is the amount of the mortgage that is paid off plus any appreciation the value of the house. Same with a company. Its the difference between what you own and the debt or liabilities. Assets minus liabilities equals equity. You have equity in assets.
Reverse Mortgage is a type of mortgage here in Canada where an institution can loan you the money on your paid off house upto a certain amount (usually 50%)of the price of your house and pay you a set amount per month or lump sum depending on what you choose. This type is usually available to people who are seniors. The main advantage of this is that you do not have to qualify for this mortgage as long as you have equity in the house. The disadvantage is that you pay high interest cost and it is eating up the equity in your home.
Sexytime with banker.
If the bank sells the house for more than you owe. First, if you owe any other mortgages they will get paid first. after all of the liens of your property have been paid, the borrower(you) receives the rest. example you owe 100,000 on mortgage 20,000 on equity line the house sells for 150,000 mortgage and equity line get paid off. and you receive the difference of 30,000 dollars
Yes, you can file a Chapter 7 to have the debt liquidated or a 13 to go into repayment.