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Application for a second mortgage is much the same as for the first. The primary difference is that with the application for a second mortgage, most major incentive plans such as the Home Affordable Refinance Package (HARP) are not available.
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Can you refinance two mortgages on one property?
Yes you can. But when you refinance your 2nd mortgage you have to inform your 1st lender and 2nd lender both.
Why are there 2 notes and mortgages in a reverse mortgage?
The first note belongs to the mortgage lender and the second to HUD. By doing this, other loan companies are prevented from attaching a 2nd lien to the home, because the secondary lien position is occupied by HUD. Visit the related link for more reverse mortgage information.
If i foreclose on my 2nd home how will it affect my primary home?
If you foreclose on your 2nd home, it will not affect your primary home. It will actually free up money so you can pay your first mortgage.
How do you know if you can save money by combining your first and second mortgages?
Take your first mortgage rate and add it to your second mortgage rate i.e. 1st rate is 6.00% and the 2nd mortgage rate is 11.00%; add the two together and divide by two to get your combined rate. In this example it would be 8.50%. Then find out what a new rate would be by refinancing the two. Personally, speaking if you can lower the rate by at least 1 - 1.50% and you plan on staying in that home in excess of five years, it would be worth looking into doing.
Can ex-wife refinance with a different mortgage company if the house has 2 mortgages on it the first mortgage is in his name only and the 2nd mortgage is in both names but both names are on the deed?
Yes, If the house was given to you in the divorcee. You will also need to have a quick claim deed done and he will need to sign it. Both mortgages will have to be included in the refi, because they are both tied to the property.
If you let second home foreclose can they take the other home?
no, its limited to the home that is foreclosed on. Thus, risk based pricing is how mortgages are rated or priced. Historical evidence / statistics show that people let their investment properties go to foreclosure before their 2nd homes and primary residences, and 2nd homes go before the primary...
Can you refinance two mortgages on one property?
Yes you can. But when you refinance your 2nd mortgage you have to inform your 1st lender and 2nd lender both.
Does the 3 day right of rescission rule apply to lot loans?
"You should have three days (not including Saturday, Sunday or a bank holiday) to rescind your loan. Call the title company and find out if it must be in writing. Usually there is a document in the pack of papers they give you that states the dates involved and how to do this." *Correction:* The 3 day right of rescission applies only to Refinancing, Home Equity loans, or 2nd Mortgages of your primary residence. It would not apply to lot loans because lot loans are considered a secondary transaction (not your primary residence). Also, Saturday would count as a rescission day. Sunday, or holidays do not count.
Can a house be placed into a trust if it has a 2nd mortgage on it?
The number of mortgages on a property has no impact on the owner's ability to put the house in a trust.
What happens if you do not touch home plate after hitting a home run?
He's out. Missing any plate is an out. If the bases were loaded and the man on 2nd missed the plate you would only score a point for the man on 3rd (assuming he hits the plate). There would be one out if everyone made it to the home plate, but the man on 2nd, 1st and batter would not get runs.
Why are there 2 notes and mortgages in a reverse mortgage?
The first note belongs to the mortgage lender and the second to HUD. By doing this, other loan companies are prevented from attaching a 2nd lien to the home, because the secondary lien position is occupied by HUD. Visit the related link for more reverse mortgage information.
If both 1st and 2nd mortgages are delinquent. Can the holder of the second mortgage start foreclose proceedigs?
Yes. However, that lender would take possession of the property subject to the first mortgage. When they sell the property the first mortgagee gets paid first from any proceeds.
If i foreclose on my 2nd home how will it affect my primary home?
If you foreclose on your 2nd home, it will not affect your primary home. It will actually free up money so you can pay your first mortgage.
How do you know if you can save money by combining your first and second mortgages?
Take your first mortgage rate and add it to your second mortgage rate i.e. 1st rate is 6.00% and the 2nd mortgage rate is 11.00%; add the two together and divide by two to get your combined rate. In this example it would be 8.50%. Then find out what a new rate would be by refinancing the two. Personally, speaking if you can lower the rate by at least 1 - 1.50% and you plan on staying in that home in excess of five years, it would be worth looking into doing.
Why would anyone consider buying a 2nd home?
You may consider buying a second home as an investment since property appreciates in value. You can also rent out the home for extra income and if something happens to your first home, you have a backup.
Do Home pregnancy tests work in 2nd tri mester?
Yes; a home pregnancy test should be accurate 14 days after conception. This would include the second trimester.
Can ex-wife refinance with a different mortgage company if the house has 2 mortgages on it the first mortgage is in his name only and the 2nd mortgage is in both names but both names are on the deed?
Yes, If the house was given to you in the divorcee. You will also need to have a quick claim deed done and he will need to sign it. Both mortgages will have to be included in the refi, because they are both tied to the property.
