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No; there needs to be equity in your property before you can borrow additional money.
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∙ 14y ago
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GRANT FROM OBAMA FOR MORTGAGE'S UPSIDE DOWN AND HOMESTEAD SENIOR CITIZEN ?
GRANT FROM OBAMA FOR MORTGAGE UPSIDE DOWN AND HOMESTEADED SENIOR CITIZEN
Where can one get a mortgage or loan with a bad credit history?
Before you apply for a mortgage you need to get an updated copy of your credit report to make sure the information on it is accurate. If you have applied for a loan and have been turned down, ask the lender why. They will go over your credit report with you to discuss any negative impacts on your report. If you cannot find a lender who will approve you for a mortgage, look into a FHA loan. These are a federally insured loan that usually only require a 2% down payment.
How can you sell your house in a short sale and still file bankruptcy?
Bankruptcy is simply having debt beyond what you can pay. A short sale would have nothing to do with it. When you sell short, you leave the deal with nothing. No profit, no cash from the sale. Also, a lender would not even approve the short sale unless they are satisfied that you are 'upside down' each month and have no savings or other assets with which to pay the mortgage.
What is house under water in real estate terms?
That would be property where more is owed on the mortgage than the value of the property. The term upside down is also used in that sense.That would be property where more is owed on the mortgage than the value of the property. The term upside down is also used in that sense.That would be property where more is owed on the mortgage than the value of the property. The term upside down is also used in that sense.That would be property where more is owed on the mortgage than the value of the property. The term upside down is also used in that sense.
Will refinancing your mortgage remove the mortgage insurance from your loan?
Actually, you may not have to go as far as refinancing to remove the mortgage insurance. If you have paid down the principle and have equity, you may have reached the percentage where your lender does not require mortgage insurance. Check with your lender and read your note to see where you stand.
What is a mortgage underwriter?
A mortgage lender or broker who approves or turns down loan applications based upon the quality of the real property, credit-worthiness and ability to pay according to the guidelines of the lender with regard to ratio of mortgage loan to value of property.
What will happen if you tear a structure down with a mortgage?
You would still be responsible for paying off the mortgage. It is likely that you will have breached your mortgage agreement. The lender may be able to demand immediate payment in full. If you fail to pay, the lender can take possession of the property by foreclosure. The lender could sue you for any deficiency that exists after the property is sold.You would still be responsible for paying off the mortgage. It is likely that you will have breached your mortgage agreement. The lender may be able to demand immediate payment in full. If you fail to pay, the lender can take possession of the property by foreclosure. The lender could sue you for any deficiency that exists after the property is sold.You would still be responsible for paying off the mortgage. It is likely that you will have breached your mortgage agreement. The lender may be able to demand immediate payment in full. If you fail to pay, the lender can take possession of the property by foreclosure. The lender could sue you for any deficiency that exists after the property is sold.You would still be responsible for paying off the mortgage. It is likely that you will have breached your mortgage agreement. The lender may be able to demand immediate payment in full. If you fail to pay, the lender can take possession of the property by foreclosure. The lender could sue you for any deficiency that exists after the property is sold.
Are you responsible for the difference of equity on an upside down mortgage?
Yes, you are responsible for the loan amount (you signed the papers for the loan)
Can the bank come after me for money if I have forclosed already?
Yes, DEFINITELY, the banks will come after you if you default on the mortgage payments. Even I'm upside down with my current home value but I'm trying to work with my lender where they have agree to reduce my interest rate. Now I'm going to put this house on rent and generate some extra income out of it to pay my mortgage.
What rules does a FHA lender have to follow that a traditional mortgage lender does not?
FHA loans are handled differently and have guidelines set forth by the government restricting everything from income limits to down payment amounts. The normal mortgage lenders have guidelines but not nearly as strict as FHA.
Do you need to go to probate when upside down in mortgage and no assets?
No. Probate is the court that has jurisdiction over the estates of persons who have died.
Can I get my mortgage principal adjusted to the market value of the property seeing that my loan amount exceeds the value of the property?
Nope. You've got an "upside down mortgage". That's what all the trouble is about.
