Posts Tagged ‘first mortgage’

Are 2nd mortgage rates the same as the first?

Wednesday, August 11th, 2010

I see that home equity line of credit has a larger interest rate. However, if I were to take out a 2nd mortgage, are the rates the same as a first mortgage for that day?

Also, are there closing costs on a 2nd mortgage and are they relatively the same?

What happens if i stop paying for my 2nd mortgage?

Monday, June 21st, 2010

Ok a few years ago i took out a 2nd mortgage on my home. My first mortgage is for about 220K and my second is for about 60K. What happens if i stop paying for the 2nd mortgage and only continue paying for the first mortgage. Can i still be evicted? or will they just put a lien on my home?

Can you get an equity line on a home you are going to buy to use as part of the financing for that same home?

Saturday, May 22nd, 2010

My wife bought a home that was appraised at 5,000. The mortgage company had her put down ,000 in cash and then financed the home by giving her a fixed rate first mortgage for 0,000 and then at the same time gave her a variable rate Home Equity Line Of Credit against that same house she was buying for 0,000 to use to finance the balance. This just seems really odd to me.

First, in essence it appears that they let her borrow 0,000 against the equity of a home she didn’tt even own until after all the money had changed hands.

Second, since she only put ,000 cash down and the combined loan balances add up to almost 100% of the houses appraised value then how was there even any actual equity in the house to borrow against in the first place?

Can anyone can say if this was a proper way for an OCC regulated nation bank to make a home loan? What kind of state of federal office can I check with to see if this was in any way predatory or improper?

Thank you.
In responce to double checking facts.

The appraisal was for 5,000 and the sale price of the home was 4,900.

The second loan came with a checkbook, all papers say that the second loan is a variable rate home equity line of credit and the approval letter states, You have been approved by (bank name) for a home equity line of 0,000. This transaction will occur simultaneously as the first mortgage loan. The first mortgage loan request was based upon a home equity maximum disbursement of 0,000 at closing

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I live in the state of Nevada, if my 1st mortgage put my property in foreclosure, what about my 2nd & 3rd mort?

Sunday, April 18th, 2010

what happen on my 2nd and 3rd mortgages? They can harrass me to pay them eventhough the value of property is underwater and not even enough to pay the 1st mortgage?How can I settle this?Does my 2nd and 3rd mortgages can sue me?

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Is it possible to combine 1st and 2nd mortgage into one?

Friday, April 16th, 2010

We have about 8 years left on our first mortgage (owe about 64K) and just refied our second (at 98K) for 15 years. Since we have at least 15 years left on the second, would it make sense to refi them both for 15 and get lower payments? The first is 4.875% fixed and the second is 3.09% variable…

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If a home equity loan is charged off, can they still foreclose?

Monday, April 12th, 2010

Does the collection agency have the right to foreclose, or is it considered an unsecured debt? We are facing foreclosure with first mortgage. We are about k underwater with the first mortgage. If the house is foreclosed, there will be nothing left of the house for the second mortgage. House value has plummeted nearly 0k. Husband lost only employment after 10 years. One son is disabled and recently found out another has brain damage (may require surgery). I have been in charge of getting them to all their medical appointments (4x a week). We have considered declaring bankruptcy. We have no assets except for a 401k, and a 12 year old car. I live in FL. Can the collection agency garnish wages when my husband finds another job? Would bankruptcy discharge this debt?

I had a mortgage and an equity loan on my home. I sold my house for less than what I owed the banks.?

Wednesday, March 31st, 2010

My first mortgage was payed off and for the equity loan I payed some of the money and they closed the account. I need to know how to file my taxes. The accountant is telling me that I need a form 1099C and the bank is only giving me the 1098.

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How do you handle 2nd mortgages on short sales?

Friday, February 26th, 2010

Is there a web page that explains, or does anyone know how I handle the second mortgage on a short sale? I’ve done a few short sales, but only with a 1st mortgage. I’ve tried a few with a second mortgage and I was told by the first mortgage, that the max they would allow the 2nd to get was ,500. Another time, I was told by the 2nd that they wanted ALL of their money. They (HSBC) said that if they are going to lose out in getting paid, then why help the owner and out let the owner get away scott-free.

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How will the banks treat this one?

Sunday, February 14th, 2010

Was living in one condo and needed money for down payment on a larger one for my family. The first condo was for sale but is just sat, so I rented it, when the new one was completed. Now the payments on both are crushing me. 50 on the first and ,350 on the new one. I can handle the second one okay, that’s where we are living now.

On the first condo, I borrowed money on a home equity loan for additional down payment on the second. First mortgage is for 5K, the amount on the home equity is K. So I owe a total of 0K, the market is now 9K

On the home equity I can still write a check for K…….at the time they issued the loan it was worth more……..

Did I mention that my tenant just moved out, he was only good for 0 per month…….so 50 minus his 950 left me 0 per month in the red. Now it’s the full 50……..this is a seasonal community and the rental market is weak…..

Here’s the question, if I write the a check for the remaining ,000, left on the home equity from the first condo……..then just let the bank have the unit back……..

what are they likely to do and
what will they do to me?

The K in money I clearly have no intent of paying off unless by some miracle the unit sells for 5 and I can wipe out everything and walk away…..

If you have any other input I’d appreciate it. Thanks

Thanks from Florida :(

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can anyone explain a public auction on real property ?

Wednesday, February 10th, 2010

hi , this is a newspaper ad to the house of my dreams and my husband and i would like to bid on it but we’re unsure because there are two different amounts listed could someone please help me understand exactly what this listing says ? what amount is the bidding going to start at ? and what does each amount mean ? also what is the process in bidding on a home at a public auction ?
thanks so much
SUPREME COURT OF THE STATE OF NEW YORK COUNTY OF COLUMBIA MID-HUDSON VALLEY FEDERAL CREDIT UNION, Plaintiff, against NOTICE OF SALE Index No.:2009/6211 ROBERT M. DAULEY and NANCY L DAULEY, Defendants. In pursuance of a Judgment of Foreclosure and Sale, entered in the above-entitled action and bearing date the 19th day of October, 2009, I, the undersigned, the Referee in said Judgment named, will sell at public auction in the corridor of the Columbia County Court House, in the City of Hudson, Columbia County, New York, on the 14th day of DECEMBER, 2009, at 10:00 oclock in the forenoon of that day the premises directed by said Judgment to be sold, and fully described in the attached schedule. Also known as: 23 County Route 10, Livingston, New York Approximate amount of judgment lien ,364.16, plus interest and costs. Premises will be sold subject to provisions of filed judgment and terms of sale. The Premises are sold subject to a first mortgage in the principal amount of 6,000.00 plus interest and possible collection costs. FRANK A. CATALANO, Referee CORBALLY, GARTLAND AND RAPPLEYEA, LLP Attorneys for Plaintiff 35 Market Street Poughkeepsie, New York 12601 SCHEDULE A – DESCRIPTION ALL that certain plot, piece or parcel of land, the buildings and improvements thereon erected, situate, lying and being at Linlithgo, Town of Livingston, County of Columbia, State of New York on the southerly side of Columbia County Route #10. BEGINNING at a point at a concrete monument located at the northeasterly corner of the premises herein to be conveyed and the southeasterly corner of lands now or formerly of Nordfors. Thence S 36 56 30 W 135.09 feet to a concrete monument and along land of Nordfors, thence S 35 37 00 W 73.91 feet along lands of Nordfors to a pin; thence S 54 13 50 E 104.50 feet along lands now or formerly of Albert Bender; thence N 36 26 40 E 210.00 feet to an iron pin along lands of Kanapes; thence N 54 50 50 W 104.42 feet to the point or place of beginning. All as shown on a map entitled Property of Angelo Rabuano, Town of Livingston, Columbia County, New York prepared by Raymond M. Lubianetsky, dated May 6, 1974 and filed June 24, 1974, Map No. 5092.
RS4T11/13,20,27&12/4#3675

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