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How long must you have a first mortgage before you can get a second one?
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∙ 18y ago
One day.
Wiki User
∙ 18y ago
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How long are you required to have mortgage insurance?
You will need mortgage insurance as long as you still have a balance to pay on your mortgage, so in essence for as long as you have a mortgage.
Can you file bankruptcy on a second mortgage and multiple credit cards?
It depends on what you want to do with the house secured by the second mortgage and which chapter of bankruptcy you file. First, regarding the credit cards, yes you can always file on multiple credit cards so long as they were not used in anticipation of bankruptcy. Generally it is a good idea to wait at least 90 days since any card was used before filing the bankruptcy case, and DO NOT make any charges once you think you may file bankruptcy. The run-up-the-cards-before-filing-bankruptcy technique many people think is so clever may be deemed fraud and can result in a federal lawsuit (called an Adversary Proceeding) and repayment of the debt plus attorneys fees. Second, regarding the second mortgage: If you want to keep the home, the second mortgage must be kept also UNLESS you are filing Chapter 13 AND the amount of the first mortgage exceeds the value of the home at the time of filing. So, in the vast majority of cases, if you file bankruptcy you are stuck with all mortgages if you want to keep the home. By way of example of the rare instance when a junior mortgage can be discharged in bankruptcy, say your home is worth $100,000, and you owe $101,000 on your first mortgage. If you file Chapter 13 (repayment plan), you can "strip" the second mortgage (and third, fourth, etc) since the amount owed on the first mortgage exceeds the value of the home. In Chapter 7, you have to keep all mortgages regardless of the value. Another example, say you owe $99,999 on the first mortgage and the home is worth $100,000, and you have a second mortgage on which you owe $50,000. The entire $50,000 second mortgage survives no matter what chapter of bankruptcy you file because it is secured by $1. Yes, only $1 can commit you to the entire second mortgage. Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts and law, which I do not warrant, and I am not suggesting any course of action or inaction to any person. Speak to a lawyer for specific advice. If you have any questions, please refer to a lawyer in your jurisdiction. Thanks!
What should one know before they refinance a home?
Before a homeowner refinances a home, they should consider how much less a mortgage payment will be after a refinance. They should also consider the differences between a fixed rate mortgage and an ARM mortgage rate. These factors can dictate how long it will take to repay a mortgage.
How long do you have to be paying on mortgage insurance before it will payoff on a death of one of the mortgage holders?
This depends on the Terms and Conditions of the Policy, you will find these on the Policy Document itself.
How can one refinance a home mortgage?
There are three things need to be considered before refinance a home mortgage. First, Check the payoff, even with a lower rate, a new mortgagee is not always the best move. Second, set the expectations, refinancing can save money in the long run, but it is not a cure-all, and it does not happen quickly. Finally, Shop around, prices, rates and packages will vary from lender to lender.
How long does the mortgage company have to give you before they can force you to leave your home?
They take you to court first
What exactly is a first option mortgage?
First option mortgage is a mortgage lending company offering numerous mortgage lending and financing products to meet diverse customer needs, financial situations, and long-term objectives.
How long are you required to have mortgage insurance?
You will need mortgage insurance as long as you still have a balance to pay on your mortgage, so in essence for as long as you have a mortgage.
Can you file bankruptcy on a second mortgage and multiple credit cards?
It depends on what you want to do with the house secured by the second mortgage and which chapter of bankruptcy you file. First, regarding the credit cards, yes you can always file on multiple credit cards so long as they were not used in anticipation of bankruptcy. Generally it is a good idea to wait at least 90 days since any card was used before filing the bankruptcy case, and DO NOT make any charges once you think you may file bankruptcy. The run-up-the-cards-before-filing-bankruptcy technique many people think is so clever may be deemed fraud and can result in a federal lawsuit (called an Adversary Proceeding) and repayment of the debt plus attorneys fees. Second, regarding the second mortgage: If you want to keep the home, the second mortgage must be kept also UNLESS you are filing Chapter 13 AND the amount of the first mortgage exceeds the value of the home at the time of filing. So, in the vast majority of cases, if you file bankruptcy you are stuck with all mortgages if you want to keep the home. By way of example of the rare instance when a junior mortgage can be discharged in bankruptcy, say your home is worth $100,000, and you owe $101,000 on your first mortgage. If you file Chapter 13 (repayment plan), you can "strip" the second mortgage (and third, fourth, etc) since the amount owed on the first mortgage exceeds the value of the home. In Chapter 7, you have to keep all mortgages regardless of the value. Another example, say you owe $99,999 on the first mortgage and the home is worth $100,000, and you have a second mortgage on which you owe $50,000. The entire $50,000 second mortgage survives no matter what chapter of bankruptcy you file because it is secured by $1. Yes, only $1 can commit you to the entire second mortgage. Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts and law, which I do not warrant, and I am not suggesting any course of action or inaction to any person. Speak to a lawyer for specific advice. If you have any questions, please refer to a lawyer in your jurisdiction. Thanks!
What should one know before they refinance a home?
Before a homeowner refinances a home, they should consider how much less a mortgage payment will be after a refinance. They should also consider the differences between a fixed rate mortgage and an ARM mortgage rate. These factors can dictate how long it will take to repay a mortgage.
Does the first male dog's hereditary genes still have an effects on the second pregnancy?
Probably not - the first sire's DNA would be long gone from the uterus before the second pregnancy was started.
How long do you have to be paying on mortgage insurance before it will payoff on a death of one of the mortgage holders?
This depends on the Terms and Conditions of the Policy, you will find these on the Policy Document itself.
How long is a cow a heifer?
A cow is a mature female bovine that has had a calf. She was a heifer before she had her first or second calf.
How can one refinance a home mortgage?
There are three things need to be considered before refinance a home mortgage. First, Check the payoff, even with a lower rate, a new mortgagee is not always the best move. Second, set the expectations, refinancing can save money in the long run, but it is not a cure-all, and it does not happen quickly. Finally, Shop around, prices, rates and packages will vary from lender to lender.
Does vacant have a short or long vowel sound?
The first A has a long A sound and the second is a schwa.
Can you apply for 2 mortgages based on one property?
Yes you may, as long as it does not exceed the value of the property. You can not obviously finance 200% of the value of your property with 2 separate loans but you can apply for a first lien mortage and a second lien mortgage, it's done very frequently with purchases to avoid PMI by splitting a 100% LTV loan into an 80% 1st loan and a 20% second mortgage.
Is it any easier to obtain a mortgage for a 2nd home if you already own a home and it is paid off even if you and your husband are both retired?
as long as your fixed income can support the payments for the second property you will not have a problem getting a mortgage.
