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not if you're purchasing, but if it's a refinance, yes. You only have 3 days. Only refinance transactions secured against the borrower's primary residence have a three day right of rescession period. Purchase transactions and refinances secured against second homes or investment (non-owner occupied) properties have no rescession period.
What else can I help you with?
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.
Is there a requirement for the second mortgage to be included on the first mortgage insurance?
There is a document called the loss payee clause. Each lender needs their own clause, they can't be combined as one document. So yes there is a requirement for the second mortgage to be listed as a loss payee. Before a loan can be funded, first or second mortgage, the prospective lender will ask you for your homeowners declaration page. They will than contact your second mortgage lender and make sure that they are listed as a lienholder.
How could we change the deed from my parents name to the childrens name. They still have a mortgage on the home. what California deed would we use.?
If there is still a mortgage on the home then the deeds will be with the mortgage provider and they will not allow you to change the deeds without paying off the mortgage first.
Can you rescind car lease in first three days?
Most often you can rescind a contract within a short time period. It is best to read your original contract for specifics.
Why would a mortgage investor pick somebody with a worse offer who was first over an offer that is better but was submitted only two days later?
Once the seller accepts an offer and signs the form it is usually leagally binding, unless there was a written clause in the contract that states the seller can take better offers at a later date. As a buyer, I wouldn't allow that kind of a clause or stipulation in any contract that I sign.
Why does the second mortgage holder have to approve of the first mortgage refinance?
The second mortgage holder typically needs to approve the first mortgage refinance because they hold a subordinate position to the first mortgage. Refinancing the first mortgage could impact the second mortgage holder's position, so their consent is often required to make changes to the primary loan.
What type of services does First Option Mortgage offer its patrons?
First Option Mortgage is a mortgage lending company which offers many services to its patrons. Some of the services which First Option Mortgage offers are mortgage loans and mortgage calculators.
What if you pay your first mortgage but not your home equity?
If you have a first mortgage and a home equity mortgage, the home equity mortgage is a second mortgage. If the home equity mortgage is not paid, the lender can foreclose and take possession of the property subject to the first mortgage. The home equity lender can pay off the first mortgage and keep any excess proceeds from a sale.
When was First California Mortgage created?
First California Mortgage was created in 1977.
What is First California Mortgage's population?
The population of First California Mortgage is 150.
Is the first clause of the present subjective in the present tense?
first clause present present
What are the dangers of a second mortgage foreclosure?
The biggest problem with second mortgage foreclosures is that you can lose your home even if you are still current on your first mortgage. The second mortgage, if defaulted on supersedes you first mortgage.
