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Is it possible to secure a mortgage for an amount greater than the purchase price of a property?
Yes, it is possible to secure a mortgage for an amount greater than the purchase price of a property through a loan known as a "jumbo mortgage." These loans are typically used for high-value properties and can exceed the traditional loan limits set by government-sponsored entities like Fannie Mae and Freddie Mac.
What else can I help you with?
Does insurance pay house off after house destroyed by fire?
It does if the policy is current and there is adequate coverage. If the property is underinsured the insurance company will not pay for the entire loss. That all relates to the homeowner's insurance.If the mortgage is greater than the value of the property then you will owe the balance after the homeowner's insurance payment unless you have mortgage insurance.It does if the policy is current and there is adequate coverage. If the property is underinsured the insurance company will not pay for the entire loss. That all relates to the homeowner's insurance.If the mortgage is greater than the value of the property then you will owe the balance after the homeowner's insurance payment unless you have mortgage insurance.It does if the policy is current and there is adequate coverage. If the property is underinsured the insurance company will not pay for the entire loss. That all relates to the homeowner's insurance.If the mortgage is greater than the value of the property then you will owe the balance after the homeowner's insurance payment unless you have mortgage insurance.It does if the policy is current and there is adequate coverage. If the property is underinsured the insurance company will not pay for the entire loss. That all relates to the homeowner's insurance.If the mortgage is greater than the value of the property then you will owe the balance after the homeowner's insurance payment unless you have mortgage insurance.
Can a mortgage company require that you have coverage greater than the replacement value of the dwelling?
I doubt it. The Mortgagee (i.e., the mortgage company) has an interest solely in the value of its collateral, which is its financial interest in the property as described in the mortgage documentation. I do not believe that the Mortgagee would possess an "insurable interest" in the property sufficient to compel you, the owner (also called the "mortgagor") to purchase insurance beyond replacement cost coverage. Further, I doubt a carrier would even sell coverage greater than replacement cost.
Is mortgage insurance optional?
no. If you have a loan greater than 80% of the value of the home and the lender requires mortgage insurance, then it is not optional.
Can a first mortgage foreclose with a second?
Yes. The second is subordinate to the first mortgage and therefore is at greater risk. If equity exists, the 2nd mortgage holder may receive payment for the debt when a senior lender forecloses. If there is not, then their lien on the property is wiped out and they must pursue the borrower in another fashion (such as a lawsuit). If the 2nd mortgage lender does not want the 1st lender to foreclose, they may choose to pay the 1st mortgage current before the foreclosure proceeds and attempt to collect or foreclose themselves.
If you have two mortgages on your home can you refinance even though the mortgage is more than the house is appraised for?
What is is that you want to achieve with a refinance? Is it to lower interest and therby payments? Or do you just want to have better and different terms? With regards to your question, you can refinance the property however, you will have to come to the closing table with enough cash to make the lenders whole (ie. pay off the balance due). If your first and second mortgage balances are greater than the appraised value of the property, then the assumption is that the value of the property has dropped. If the difference is not too large, perhaps there are factors within your control that can help you increase the value. Please keep in mind that it is the holder of the second mortgage that is at greater risk of loss than the holder of the first. Depending upon the specifics of your situation, perhaps there is some negotiating room to get creative with your situation. A conversation with an experienced mortgage broker in your area might prove to be useful.
Does insurance pay house off after house destroyed by fire?
It does if the policy is current and there is adequate coverage. If the property is underinsured the insurance company will not pay for the entire loss. That all relates to the homeowner's insurance.If the mortgage is greater than the value of the property then you will owe the balance after the homeowner's insurance payment unless you have mortgage insurance.It does if the policy is current and there is adequate coverage. If the property is underinsured the insurance company will not pay for the entire loss. That all relates to the homeowner's insurance.If the mortgage is greater than the value of the property then you will owe the balance after the homeowner's insurance payment unless you have mortgage insurance.It does if the policy is current and there is adequate coverage. If the property is underinsured the insurance company will not pay for the entire loss. That all relates to the homeowner's insurance.If the mortgage is greater than the value of the property then you will owe the balance after the homeowner's insurance payment unless you have mortgage insurance.It does if the policy is current and there is adequate coverage. If the property is underinsured the insurance company will not pay for the entire loss. That all relates to the homeowner's insurance.If the mortgage is greater than the value of the property then you will owe the balance after the homeowner's insurance payment unless you have mortgage insurance.
Can a mortgage company require that you have coverage greater than the replacement value of the dwelling?
I doubt it. The Mortgagee (i.e., the mortgage company) has an interest solely in the value of its collateral, which is its financial interest in the property as described in the mortgage documentation. I do not believe that the Mortgagee would possess an "insurable interest" in the property sufficient to compel you, the owner (also called the "mortgagor") to purchase insurance beyond replacement cost coverage. Further, I doubt a carrier would even sell coverage greater than replacement cost.
Is mortgage insurance optional?
no. If you have a loan greater than 80% of the value of the home and the lender requires mortgage insurance, then it is not optional.
Can a first mortgage foreclose with a second?
Yes. The second is subordinate to the first mortgage and therefore is at greater risk. If equity exists, the 2nd mortgage holder may receive payment for the debt when a senior lender forecloses. If there is not, then their lien on the property is wiped out and they must pursue the borrower in another fashion (such as a lawsuit). If the 2nd mortgage lender does not want the 1st lender to foreclose, they may choose to pay the 1st mortgage current before the foreclosure proceeds and attempt to collect or foreclose themselves.
Is its possible to use the distributive property to rewrite 85 99 as a product of a whole number greater than 1 and a sum of two whole numbers?
No.
If you have two mortgages on your home can you refinance even though the mortgage is more than the house is appraised for?
What is is that you want to achieve with a refinance? Is it to lower interest and therby payments? Or do you just want to have better and different terms? With regards to your question, you can refinance the property however, you will have to come to the closing table with enough cash to make the lenders whole (ie. pay off the balance due). If your first and second mortgage balances are greater than the appraised value of the property, then the assumption is that the value of the property has dropped. If the difference is not too large, perhaps there are factors within your control that can help you increase the value. Please keep in mind that it is the holder of the second mortgage that is at greater risk of loss than the holder of the first. Depending upon the specifics of your situation, perhaps there is some negotiating room to get creative with your situation. A conversation with an experienced mortgage broker in your area might prove to be useful.
Is it possible to use the distributive property to rewrite 85 plus 99 as a product of a whole number greater than 1 and a sum of two whole numbers?
No, it is not.
Can I sell one of my rental properties and roll over the equity into one of my other rental properties of greater value to buy down the mortage on the second rental that I keep but already have a mortage on?
No, you can't facilitate an exchange for property you already own. Yes, you can accomplish this. Take the proceeds from the sale of property one and pay them towards property two. You may want to ask for a mortgage readjustment for property two.
What are the current mortage interest rates?
Mortgage rates differ according to several variables. For property near Los Angeles, a 30-year fixed loan of $165,000 with 20% down and a credit score greater than 740, the following lenders offer the following mortgage rates: Ladera, 3.875%; Discover, 4.25%; Amerisave, 3.875%; and FFSi, 4.125%. For mortgage rates in other situations, see the website Bankrate.
Who is legally responsible for a mortgage when the borrower's death was not reported but an adult child assumes mortgage payments and is 6 months behind?
I believe most mortgages have a due-on-death clause, so, legally, the bank can force a sale if it finds out the mortgage holder died. Regardless, if the mortgage payments are behind, the bank is going to try to get the mortgage holder to pay. Since that person died, I assume there is no one who is legally able to talk to the bank. The bank will foreclose eventually and clean out the house. If the sale price of the house is greater than the mortgage balance plus costs, the bank will want to pay someone that difference. If no one is legally appointed to represent the mortgage holder's estate, the bank will probably give the money to the state as 'unclaimed property'. unfortunately the bank is going to reposses your parent's property and kick you out. any net proceeds of the property will go to the estate and be divided up according to the will (if there is one) you need to contact an attourney immediately.
Grandma died and she has a reverse mortgage what happens next?
Her estate will have 6 months to sell the home or refinance it. If there is negative equity in the home the estate will have the option to turn the home over to the lender without any further recourse, provided this is a FHA HECM reverse mortgage.
Who should have mortgage insurance?
Are you referring to mortgage insurance that is added to your monthly payment in case of default? Anyone with an ltv at 80% or greater. Or are you talking about mortgage life insurance? These are two very different things. You only need mortgage life insurance if you do not already have a life insurance policy that is adequate to pay off the mortgage.
