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Second mortgages but im finding it hard to pay and plus the equity in the house is a lot less on what they gave us what can you do?
Wiki User
∙ 15y ago
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
Wiki User
∙ 15y ago
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What are equity realease schemes?
Equity release schemes are also called lifetime mortgages or reverse mortgages. They allow someone to take money out of the equity paid into their house and the house goes to the bank when they die.
Can you get equity release when you have a mortgage?
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.
Are reverse mortgages a safe thing to do?
Reverse mortgages are basically home equity loans. It converts the equity that is in your home into cash. Generally, it is better NOT to do reverse mortgages. There is too much at risk. If you are living beyond your means, cut down on your spending and set a budget so you don't need to take the equity out of your house.
What exactly are second mortgages?
A second mortgage is a secured loan on a house (or property) which is subordinate to another loan against the same house or property. In practical terms, in case of default, the first leinholder (first mortgage holder) is paid first. Second mortgages are often considered to be 'home equity' lines and are frequently used for home improvement purposes or debt consolidation.
Can a second secured mortgage loan be discharged?
Yes, if there is no equity in the house to secure that second mortgage, or the equity is less than the exemption.
Why do we have bankruptcy mortgages in Canada?
Bankruptcy mortgages in Canada have been set up because having a house demonstrates some sort of equity on your part. The banks would prefer you to keep making payments on the house and therefore they will make more money then if they were to foreclose on it and sell the house at a discounted price.
Can you get a reverse mortgage and get the equity you have in it out even if your house is not paid for?
Yes, as long as you use the proceeds from the reverse mortage to pay off any existing mortgages.
What are the benefits of a second mortgage?
Second mortgages are based on the amount of equity built up in the home, they can allow homeowners to borrow a large sum of cash with the flexibility to use it for any purpose. Another advantage of these home loans is that they are considered safer by lenders than other types because they are secured by the house.
What are typical Colorado mortgage rates?
The average price for a house in Colorado is substantially higher than that of the average for the entire United States. Some of the available mortgages in Colorado include fixed rate mortgages, adjustable rate mortgages and home equity loans. The average for a 30 year fixed mortgage is 3.65% while a home equity loan will usually have an introductory rate for 12 months of around 2% APR.
Can you file chapter 7 bankruptcy keep your house but get rid of a second mortgage?
If the payments are current, or if an agreement can be made with the lender, and the exemption covers the equity, a house can usually be kept. Second mortgages are dischargeabe, but, they are not subject to the same laws that unsecured debts are. The lender even after the BK discharge can take action (and probably will). Ususally placing a lien against the property.
How can one house have 2 mortgages with one owner?
It's like if you needed $5000 to buy a car, and you borrowed $3000 from your father and $2000 from your uncle. The difference between what your home is worth and the total principle you still owe is called equity. As you continue to make payments, and the value of your house appreciates, your equity grows. That equity can be used as collateral; you can borrow against it.
What does florida home equity do?
Florida home equity does the best job in finding you a house on the market for rock bottom and has potential to become a nest egg of equity. Florida home equity also offers financial assistance in new home loan lines of credit and appraisals
