Our loan was for 5 years. That time is almost up but we will still owe approx. 66,000.00 as a balloon payment. Cannot find any information on what we can do now. All I can find is that you can refinance it through your existing company. We have done this twice before over the past 10 years. However, this time we have had a severe drop in our credit score. Our estimated property value is at least 3 times what we need to borrow in order to pay off this 66,000.00 balloon payment. would like it to be a regular mortgage, or whatever, so that at the end of the term, we wont owe anything.I guess I am wondering if my current bank is obligated to refinance it or would I be forced to find another company who finances couples with poor credit. We have been with this same bank for 15 years. The last time we refinanced the equity loan, when our credit was good, I asked the banker to set it up so that we wouldnt owe so much at the end of it. I guess he thought that 66,000.00 wasnt SO MUCH. Is any company out there helping couples in our situation .
Posts Tagged ‘second mortgage’
Home equity loan term is running out. what to do now?
Thursday, August 26th, 2010Is my 2nd mortgage still subordinate to the 1st if the first has now been modified?
Thursday, August 26th, 2010I hold a second mortgage on a house in NJ which is being foreclosed on. The 1st mortgage was held by WAMU and purchased by JPMorgan in 2008. If the 1st mortgage was modified after my mortgage was registered, is my mortgage still subordinate to the 1st mortgage?
What happens with the 2nd mortgage when I give the 1st mortgage holder a deed in lieu of foreclosure?
Thursday, July 15th, 2010I am unemployed and cannot pay the mortgage payments. I have the home on the market but it will not sell for the loan amount. I was thinking of giving the 1st mortgage holder (80%), a deed in lieu of foreclosure. Will the second mortgage holder (20%) be able to get any money or be able to file a judgment against me as home owner? I live in the State of Arkansas.
What excatly is a second mortgage. Is it just 2 mortgages together?
Saturday, June 19th, 2010I currently own a home worth 42k and owe 36k. I’m looking to start my own business. Is possible to get a second mortgage for 42k and double up on my monthly mortgage payment to start my business
Can you include your 2nd mortgage in bankruptcy?
Wednesday, April 14th, 2010We are considering claiming bankruptcy because we are unable to keep up with our bills and are sinking fast. We have a primary mortgage and a 2nd mortgage on the same property- can the second mortgage be included in the bankruptcy?
If a home equity loan is charged off, can they still foreclose?
Monday, April 12th, 2010Does 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, 2010My 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.
Using 1 Home Equity to Pay for Another Home Equity?
Sunday, March 7th, 2010I currently own 2 properties; 1 is being rented and another one I live in. Both properties have equity of line of credit loans. I almost paid off the loan on the first one that is being rented; the APR on this one is fixed at 7.75%. The second property that I live in, I also have equity of line of credit at fixed rate 9.95% and the balance is 45K. My question is:
1) I almost paid off the first home equity, so should i pull out more equity from the frist one to pay for the second equity, since the APR on the first one is lower? I really want to refinance my mortgage on the second property that I live in, but cannot as the principle balance is more than the house is worth. I thought getting more money from first equity will help me pay down the second equity and save on money since the APR on the first equity is 7.75%.
2) Should I just close off the frist equity account as I pay if all off, and just try to pay the second equity as much as I can at 9.95% APR?
Related ‘second mortgage’ sites :
| Second mortgage - Wikipedia, the free encyclopedia Second mortgages are called subordinate because, if the loan goes into default, the first mortgage gets paid off first before the second mortgage. ... en.wikipedia.org/wiki/ | |
| second mortgage: Definition from Answers.com second mortgage n. A mortgage taken out on property that already has one mortgage, with priority in settlement of claims given to the earlier www.answers.com/topic/ | |
| what does second mortgage mean? One property with 2 mortgages? A second mortgage is a mortgage that is second to the first mortgage. An example: You buy a house for $100,000 and you put $20,000 down on it and ... answers.yahoo.com/question/ | |
| Second mortgage All information about Second mortgage, checkout the best resources for Second mortgage on internet. www.mortgagesecond.org | |
| Second Mortgage | 2nd Mortgage Rates & Refinance Loans Request today's best second mortgage rate quotes. Find more information about refinancing 2nd mortgages and utilize the calculator to figure out your monthly payments. www.mortgageloan.com/ | |
| what is a second mortgage? It is a second home loan that is junior to your senior mortgage, often used to provide a cash influx to the borrower or "bridge" the cost and where the senior will ... answers.yahoo.com/question/ | |
| Second Mortgages, 2nd Mortgage Loan, Refinance Second ... LoansStore provide affordable second mortgage loan at low interest rates. Also get benefited with 2nd Mortgage loans like prepayment, portability and expendability. loansstore.com/... | |
| Second Mortgage Loans, Best Second Mortgage Loan Second Mortgage Loans - Leave your first loan alone & borrow more money with the best second mortgage loan offering cash out, credit line refinancing. www.bdnationwidemortgage.com/ | |
| Second Mortgages | Nationwide Second Mortgage Information ... Second Mortgages Lowest Rates In Writing Nationwide second loan Lenders,Cash for Debt Consolidation Loans or Home Improvements Loans 2nd mortgages Get a Free Second. secondmortgages.com | |
| Second Mortgage Nationwide provides comprehensive second mortgage and equity loans to help you refinance, purchase or consolidate debt with low 2nd mortgage rates. www.bdnationwidemortgage.com/ | |