l thought a mortgage was a mortgage. Buy a house, give up your life, slave away to pay until you are 80.
so whats the deal with taking out a 2nd or 3rd or 4th mortgage? what does that mean?
l thought a mortgage was a mortgage. Buy a house, give up your life, slave away to pay until you are 80.
so whats the deal with taking out a 2nd or 3rd or 4th mortgage? what does that mean?
I have friends who bought a home in 2006 for 5,000. They obtained conventional financing with 10% down and were making their mortgage payments. The subsequent real estate meltdown from zero-down-pay-what-you-want loans destroyed the value of their property. Their lender refused to even discuss loan modification. They walked away figuring their credit would recover faster than the real estate market. Their old house is now on the market for ,000. They would have been happy with a mortgage at DOUBLE that valuation with no interruption in revenue or foreclosure costs to the lender. It makes no sense to me. Any insider input?
There’s more to it than personal responsibility. Banks and mortgage brokers hawked unjustified loans to naive buyers. Other buyers took advantage of an opportunity to buy property they knew they couldn’t afford. Countrywide CEO Angelo Mozillo made millions building the real estate house of cards and walked away when it collapsed. This doesn’t change the basic question.
Jeffrey- Thanks for your response. When my friends contacted their lender they were told they needed to miss three payments before the lender (Countrywide) would talk to them. Their response, "Okay, if that’s what you want." It made no difference. They missed six payments. Still no difference. They consulted a real estate attorney and walked away. They now rent a nice home for 0/month less than their old mortgage payment and invest the difference. In seven years when their credit recovers they’ll have close to K-0K to get back into the market.
Is it possible to pay off the mortgage with an home equity loan if the APR is less than what I am paying right now? I understand that if I refinance, there are closing costs and for home equity loan, there are none, am I correct? What are the advantages and disadvantages of doing that? Please advice.
My wife and I have a home that have been appraised at 0,000. and we have an outstanding mortgage of 2,000 (3 yr. closed term 5.5%). We would like to move next summer into another house due to a new development in our neighbourhood. We have an outstanding debt of ,000 which consists of a line of credit at 7.9%, and a credit card at 9.9%.
My question is, should I refinance with another bank at their offered rate of 4.25% (open variable), and move the line of credit over to theirs (4.75%), and use the equity in the house to pay off the debt; or should I wait until next summer and use the proceeds from the house sale to pay off the debt?
What is a debt to income ratio to qualify for Home Equity Loan / Home Equity line of credit.
What if I go to mortgage brokers who have access to "B" type lenders at higher rates?
Thanks guys!
I took out a 70k HELOC 1.5 years ago, adding my 1st i owe 205,000. My intrest rate on my 1st is "ARM’ 10% and 2nd 12%. These are killing my payments. I went to try to refinance my credit is 670, but they are telling me my property is valued at 185. if i would come up with 20k they tell me i could save a huge chunk of money. My home was actually appraised at 220 when i took out the HELOC 1.5 years ago. They used a computer to figure it out not a actual appraiser. After doing some reasearch homes sold for 184,000 at that time. I live in a townhome communtiy. I need some help tired of explain this to banks.
My 2nd mortgage can be payoff in 8 years.
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