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What will happen if I stop paying my second mortgage and my home is currently worth less than my first mortgage assuming my first mortgage is kept current?
The second will foreclose on your Property.To avoid the situation you must consult a mortgage firm who would assist you in your debt settlements. Why would you stop making your payment? The value of your home should go back up when the economy recovers. The value of your home has nothing to do with your monthly cash flow. Why would you ruin your credit for 10 years, when the value of your home will recover in 2-3 years. It just doesn't make sense. Pay your bills as agreed
What else can I help you with?
What is the statute of limitations on second mortgage in CA?
A second mortgage is not included in a Statue of Limitation law. Explain more about your first mortgage, and I will be able to tell you what will happen to your second mortgage.
Which of these describes what can happen with an ajustible-rate mortgage?
the montly mortgage payments go up or down from year to year.
Ask us of these describes what can happen with an adjustable-rate mortgage?
Excuse
What does held harmless mean in a home mortgage?
In a home mortgage, hold harmless means that a person knows that they accept all of the risks of the home mortgage. This includes any and everything that may happen while the mortgage is being held.
When can PMI be removed from a mortgage?
Private Mortgage Insurance (PMI) can typically be removed from a mortgage when the homeowner's loan-to-value ratio reaches 80. This can happen through a combination of paying down the mortgage balance and appreciation of the home's value.
What can happen with an adjustable mortgage?
The monthly mortgage payments go up or down from year to year.
What is the statute of limitations on second mortgage in CA?
A second mortgage is not included in a Statue of Limitation law. Explain more about your first mortgage, and I will be able to tell you what will happen to your second mortgage.
What can happen with an adjustable-rate mortgage?
The monthly mortgage payments go up or down from year to year.
Which of these describes what can happen with an ajustible-rate mortgage?
the montly mortgage payments go up or down from year to year.
If current goes down in an electrical circuit and voltage remains the same what will happen to resistance?
v = i*RIf i goes down then R must go up (assuming v remains the same).AnwerCompletely impractical question. Resistance is not directly affected by voltage or current, so what you describe won't happen!
Ask us of these describes what can happen with an adjustable-rate mortgage?
Excuse
What does held harmless mean in a home mortgage?
In a home mortgage, hold harmless means that a person knows that they accept all of the risks of the home mortgage. This includes any and everything that may happen while the mortgage is being held.
When can PMI be removed from a mortgage?
Private Mortgage Insurance (PMI) can typically be removed from a mortgage when the homeowner's loan-to-value ratio reaches 80. This can happen through a combination of paying down the mortgage balance and appreciation of the home's value.
Describes what can happen with an adjustable-rate mortgage?
it is subject to changes in interest rates
What happen when wife name is not on the mortgage after a divorice?
After the divorce why do you need your wife name on the mortgage. You should work to remove the wife name from the mortgage and have sole responsibility towards it unless you guys worked out a different arrangement.
What will happen to your taxes when you own a home?
I think you can deduct your property taxes and the interest on your mortgage!
What are some of the benefits of refinancing a mortgage?
If ones mortgage rates happen to be lower then expected, the monthly payment will actually go down with refinancing a mortgage. If a homeowner is in the position to make a monthly payment that is higher than usual, the homeowner may want to think about switching from a 30-year mortgage to a 15 year mortgage.
