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There are two major options for 2nd mortgage loans. The first is a Home Equity Loan, which is the traditional second mortgage and involves getting a fixed sum of money. The second option is a Home Equity Line of Credit and instead of a fixed sum of money, you get a credit line with a fixed limit.
What else can I help you with?
What companies offer second mortgage refinance loans?
There are many companies that offer 2nd mortgage refinance loans. These include Bank of America, Chase, Wells Fargo, as well as independent mortgage brokers.
My husband cosigned for my 2nd mortgage and he is not on the first mortgage. if we have the same lender for both mortgages and we quit paying on the first mortgage how fast will his credit be impacted?
Since he is not listed as a borrower on the first mortgage his credit is not affected by paying or not paying that mortgage. Even if both loans are with the same company, he is only held responsible for the loan in which he signed.
How do you record a 2nd mortgage?
You file it in the same registry as the first mortgage.
What is subordinate second mortgage?
Deeds of Trust (mortgages) have a position on title based on seniority (1st, 2nd, 3rd). So if a new 1st mortgage wants to go into first position in a refinance transaction but there is already a 2nd mortgage, they must ask the 2nd mortgage to allow them to go ahead of them on title. The 2nd mortgage lender will review the proposed loan, and either approve or deny the request. This is most common when a borrower wants to retain the terms of the 2nd mortgage or they do not have enough equity to borrow a sufficient amount in the new loan to pay off the 2nd mortgage.
Can you use a second mortgage as a down payment?
You can use a 2nd mortgage on a home for the down payment of another home. The payment for the 2nd mortgage will need to be added to your debt ratios.
What companies offer second mortgage refinance loans?
There are many companies that offer 2nd mortgage refinance loans. These include Bank of America, Chase, Wells Fargo, as well as independent mortgage brokers.
My husband cosigned for my 2nd mortgage and he is not on the first mortgage. if we have the same lender for both mortgages and we quit paying on the first mortgage how fast will his credit be impacted?
Since he is not listed as a borrower on the first mortgage his credit is not affected by paying or not paying that mortgage. Even if both loans are with the same company, he is only held responsible for the loan in which he signed.
How do you record a 2nd mortgage?
You file it in the same registry as the first mortgage.
What is subordinate second mortgage?
Deeds of Trust (mortgages) have a position on title based on seniority (1st, 2nd, 3rd). So if a new 1st mortgage wants to go into first position in a refinance transaction but there is already a 2nd mortgage, they must ask the 2nd mortgage to allow them to go ahead of them on title. The 2nd mortgage lender will review the proposed loan, and either approve or deny the request. This is most common when a borrower wants to retain the terms of the 2nd mortgage or they do not have enough equity to borrow a sufficient amount in the new loan to pay off the 2nd mortgage.
How can you get repaid for a 2nd mortgage you hold on a house a bank has foreclosed on?
That will depend on how much the bank gets when it sells the house. If they cover their mortgage and costs, the 2nd mortgage will be paid.
Can you use a second mortgage as a down payment?
You can use a 2nd mortgage on a home for the down payment of another home. The payment for the 2nd mortgage will need to be added to your debt ratios.
What happens if payoff 1st mortgage and keep 2nd?
You will then have one mortgage and not two.
What happens to the first mortgage when the second mortgage is foreclosed on?
It depends....the 2nd mortgage holder can buy out your first mortgage and then foreclose on the entire property , the chances are higher of this happening is the 2nd mortgage is kinda large or if they are held by the same lender. If the 2nd mortgage holder decides not to buy the first mortgage out then typically nothing with happen because the first mortgage holder is in control. The 2nd mortgage cannot foreclose on the first mortgage so keep the first mortgage payments current.If the 2nd does not buyout the first then the lien with remain on the property and you will be require to pay it off if you sell or refinance the property down the road.Mortgage loan officer PAIn Texas the law is: http://www.avvo.com/legal-answers/tx-foreclosure-second-trust-deed-4498.html
Where can someone in the Toronto are find information on debt consolidation with a 2nd mortgage?
If you are inquiring about debt consolidation with a second mortgage and you live in the Toronto area then you will find several online sites available. GTA-Mortages, Canada Lend, and Loans Canada are just a few of the online sites that you can access information on debt consolidation.
Can the same 2nd mortgage be recorded on two properties?
Yes, A mortgage can cover multiple properties.
What is a business merchandise loan?
a loan that is used only for opening or operating a business not for household or personal use. usually since they are for such a large loans they need to be secured with some sort of real state security, lets say taking a 1st mortgage if you have already paid it off or a 2nd if you have enough equity.
Can 2nd mortgage collect after auction?
No. Once the first mortgage or deed of trust is foreclosed, the second mortgage and any inferior liens are voided.
