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How does a second mortgage lean on a house effect a credit rating?
Wiki User
∙ 15y ago
Is the questioner asking about having a 2nd mortgage on his house, which WOULD show up on his credit records? Or are we talking about the 2nd mortgage holder filing a lien against his property for non-payment? Actually the answer to both is the same. Any actions taken involving credit transactions WILL show up on a credit bureau reportsand will affect his credit standing.
Wiki User
∙ 15y ago
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What are some reasons why one may need to take out bad credit second mortgage loans?
There are a few reasons why one may need to take out bad credit second mortgage loans. If one has a poor credit rating a regular bank loan will not be available so bad credit loan is the only option. A second mortgage may be taken out when one has capital tied up in a house that they need to release to pay for home improvements.
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.
How can one get approved for a 2nd mortgage loan?
If one were interested in getting approved for a second mortgage loan they would need to have assets, a good credit rating and a consistent income. Some banks may require more.
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.
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.
Do you have to seek approval from first mortgage for a second mortgage?
You should review your first mortgage document for any requirement that the lender must be notified before you execute a second mortgage. If there is no clause to that effect then the answer is no.
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.
