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Asked 09/19/2008 12:08 pm CT (Sacramento, CA)

This one is bad ... at least for me. We have several mortgages on the house we're living in. The house was purchased on a 80/20 with zero down at the peak of the market for $670K. The first is $540K, the second is $130K. Shortly after that we got an equity line from Bank of America for $210K to start landscaping at what not. At that time the house appraised for nearly $900K. Being adjustable the payment went OUT OF SIGHT last November. I stupidly figured as a stop gap I could borrow against the HELOC to make the payment. Well the rest is history ... although the payment which adjusted first in November (OUT OF SIGHT) came back to more normality in May (the next adjust is November 08). Now the HELOC has been shut off by Bank of America (at about $180K) and we are $3K short per month. I think I'm out of options as I've been pulling a rabbit out the hat for months. What should I do?? I'm considering not paying Bank of America and second for a period to keep us a float. Calling them (various lenders) to see if they'll work some type of solution. Praying for salvation ... etc. In this mix I actually have another home which is not upside down. Which we are renting out (with a payment we can afford). I'm guessing the various lenders can't touch that home ... so we're considering evicting the tenants, stopping paying the others and moving back there. Any pointers or insights you could provide would be helpfull. I can't pull money from anywhere and am down to the point where we'd be Bankrupt if I made the next months payments (read broke). I also owe $11K in tax on the problem home. I didn't pay that to enable myself to meet the mortgage for a 3 extra months. Thanks in advance.

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Jim, tough situation. It's obvious you can't service the debt you have. It will be a stretch to...

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Asked 09/09/2008 05:59 pm CT (rocklin, CA)

I have a first and second on my property, the 2nd forclosed but the 1st is still in good standing and the deed of trust is in my name but the purchaser of the 2nd now says she owns the entire property. Is that correct

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Asked 08/14/2008 06:53 am CT (land o lakes, FL)

I need to take out a second mortgage on my property for a down payment on a short sale house. I currrently have my property up for sale and the lender refused me. I have a 791 credit score and owe $245,000 on a house worth $425,000. I do not want to lose the short sale as i picked it up at a great price. What can I do I need about $65,000 for down payment?

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James is right. A bridge loan is your best bet. There are a few ways this can be structured. If y...

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Asked 08/11/2008 01:36 pm CT (Franklin, MA)

Is it possible to get a first and second mortgage with a co-signer for the first and a different co-signer for the second mortgage?

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Asked 08/01/2008 05:33 am CT (Waxahachie, TX)

I obtained a mortgage in 8/05. It is an ARM and I have a second mortgage so that I did not have to have PMI. In 7/07 my husband died without any benefits. He had recently lost his job and started a new one, but wasn't eligible for benefits at the time of his death. I have struggled to pay all of these expences that his death has incurred. I am to the point that I can no longer stay in this house....Emotionally, I am a miserable wreck when I am there. I need a way out!! Due to the recent decreased value of homes in my area, my Current Appraised value of my home is less than my 2 mortgages. What options do I have? What happens is I allow voluntary forclosure? Will either mortgage company be able to sue me or place a judgement on me. I know my credit will be ruined, but at this point, my health and over all well being means much more to me than my credit rating. What can I do? [Lee, Waxahachie TX]

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You need to speak with a real estate & bankruptcy attorneys.

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Asked 08/01/2008 05:32 am CT (Waxahachie, TX)

I obtained a mortgage in 8/05. It is an ARM and I have a second mortgage so that I did not have to have PMI. In 7/07 my husband died without any benefits. He had recently lost his job and started a new one, but wasn't eligible for benefits at the time of his death. I have struggled to pay all of these expences that his death has incurred. I am to the point that I can no longer stay in this house....Emotionally, I am a miserable wreck when I am there. I need a way out!! Due to the recent decreased value of homes in my area, my Current Appraised value of my home is less than my 2 mortgages. What options do I have? What happens is I allow voluntary forclosure? Will either mortgage company be able to sue me or place a judgement on me. I know my credit will be ruined, but at this point, my health and over all well being means much more to me than my credit rating. What can I do? [Lee, Waxahachie TX]

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Asked 07/31/2008 07:11 am CT (Waxahachie, TX)

I obtained a mortgage in 8/05. It is an ARM and I have a second mortgage so that I did not have to have PMI. In 7/07 my husband died without any benefits. He had recently lost his job and started a new one, but wasn't eligible for benefits at the time of his death. I have struggled to pay all of these expences that his death has incurred. I am to the point that I can no longer stay in this house....Emotionally, I am a miserable wreck when I am there. I need a way out!! Due to the recent decreased value of homes in my area, my Current Appraised value of my home is less than my 2 mortgages. What options do I have? What happens is I allow voluntary forclosure? Will either mortgage company be able to sue me or place a judgement on me. I know my credit will be ruined, but at this point, my health and over all well being means much more to me than my credit rating. What can I do?

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Asked 07/28/2008 07:39 pm CT (Austin, TX)

Help...I want to buy a property that I intend to live in once I retire in two years. But in the meantime, I'd like to rent out full time until then. Can I get a second home mortgage or am I required to get an investment property mortgage? Thanks!

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Lenders will expect that you use the home as a vacation/2nd home. In reality, however, many people ...

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Asked 07/19/2008 09:24 am CT (brownstwon, MI)

I have been divorced 5.5 years. I have a 1st mortgage (171,000, 30 year, 6.25%) and a second (21,000, 15 year, 8.5%) still in my name with my ex-wife. I signed a quit claim deed to the property during our divorce. She has been 30 to 60 days late on both mortgages almost the entire 5.5 years. She has dropped my credit below 600 becuase of this. She is now going to stop paying the second mortgage because she thinks nothing will happen to her and I will have to pay. What should I do?

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Asked 07/18/2008 05:33 pm CT (cadiz, KY)

If my and my husbands name is on a deed for a property with a mortgage on it, can we take out a second mortgage or an equity loan to build another home with just our names on the loan?

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Asked 05/12/2008 07:32 pm CT (Yuba City, CA)

My husband and I have lived in our home for 5 years. We have never been late on our mortgage and refinanced and obtained a 2nd mortgage. Currently our 1st mortgage is 345,000 and 2nd is 80,000. My husband is being relocated with his job and we have to sell the house because they are moving us out of state. I know that our home is worth about 350,000 to 360,000. Employer will pay all penalties and closing costs on new home. I am worried about our second mortgage not being satisfied. Any suggestions. I would hate for our credit to be in jeopardy.

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Ask the new employer to cover the difference. Rent or lease option it out. Attempt to short sale t...

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Asked 05/10/2008 07:49 pm CT (Bourbonnais, IL)

I have another property in South Carolina, I need to sell it as fast as possible. The problem is I have a second mortgage on it. My wife and I paid it off ten years ago. We moved and never got the clear lien on it. The company has since gone bankrupt. So I have no idea how to get the lien cleared up so I can sell it. The finance company was First Plus Financial.

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Asked 05/01/2008 04:05 pm CT (Detroit, MI)

My Mortgage Company turned my home over to a Mortgage Brooker in the City of Detroit. The home is no longer in my name and has been put up for a sherrif sale. The second Mortgage is requesting I pay them over $900.00 in addition to other fees. Are they able to come after me for payment. I owe them $28,000. My first mortgage really did me wrong because we had set up fixed payment plan and because they claimed they did not receive agreement on a certain date, they just forclosed without my knowledge. I only found out when they returned my check for $718.00. They did this 2-24-08. Do I still have to pay the 2nd mortgage company. They call everyday. Please advise.

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Gloria I am sorry to hear about your difficult situation - unfortunately, all mortgage holders are e...

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Asked 04/17/2008 01:18 pm CT (Tolleson, AZ)

I have a pay option arm on my 1st mortgage and I also have a second mortgage on my primary home. My question: Is there any options to get my loan into a fixed rate loan even though the value of the property has dramatically dropped?

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Asked 04/17/2008 10:19 am CT (ELK GROVE, CA)

My brother who lives in Elk Grove, CA purchased a house a few years back, then he decided to purchase a second house with the family money. I believe the interest on the second house is fixed. I am sorry, I don't know about the details. All I know, he and the whole family are really pressured due to work and finances. He hasn't been able to refinance the house due to severe real estate problems. He was thinking to give the house to the bank, but as you may know, he will still owe money to the bank and we will lose everything. Are there any creative way for us to be helped? Do you have any suggestions? He is thinking to move to the first house where we had a tenant. The tenant will move house soon, and they are going to move in and he is planning to give the house to the bank. As far as I know he still will owe money to the bank because they will respect the contract which was signed a few years back, even though the purchase price is very low at the moment. If you have any suggestions, please let me know. Regards, nasi

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One option might be to do what's called a "short sale" of the home where the lender might approve a ...

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Asked 04/16/2008 10:50 am CT (sacramento, CA)

I hold a second on a house I sold. they are making there first mortgage payment. but stop making payments to me. I sent them a notie of default, but they think there is nothing I can do. What can I do and how do I get help?

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Asked 04/14/2008 09:24 am CT (Concord, NC)

My husband and I recently tried to refinance, after having a bad experience with another mortgage company who promised to help us with a refinance after we accepted an 8.5% arm to help clean up our credit. After the six months, we returned to the mortgage company to start the refinance process which was to be free of charge the second time around. (this was a big joke) The company would never return our calls to start the new refinance. I went online and got a copy of our credit reports and my husbanand I had a score of 650-700 depending on the reporting agency. This was a great improvement from where we were when we did the original refinance 6 months prior. We did some research online and decided to try for a FHA loan. Everything seemed to be running on course. We had an appraisel done and the house came in way above it's value. The company that we were working with told us that they would not order the appraisel, if they were not confident that they could get the loan approved. I am self-employed and my husband works for a company. They had no problems sending out loan paperwork with a 7% interest rate and PMI. We refused the loan and explained that we were not desperate to refinance. They came back and with new loan documents with a 6.7% interest rate and a one time PMI fee, but had tacked on various other points that made the closng cost $10,000. They have since contacted us and told us that they cannot do the loan because my husbands credit score is too low and his dept ratio is too high. I understand this but I think they should have made this decision before we paid for the $350 appraisel. Since I have had a profit loss in my business, they could not consider my credit score or income. Are there any loans that I can look into as a self-employed person.

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It's a typical scenaro for self-employed individuals to have difficulty documenting their income. Th...

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Asked 04/11/2008 05:21 am CT (philadelphia, PA)

we have a property in Texas when we apply for the morgage was as a second home, I really like the life in texas I was thinking to move there, do you think there is any chance to actually live in my econd home as my primary residence?

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Are you asking if there's a chance to refinance to better terms as a primary residence? If so, then ...

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Asked 03/27/2008 06:14 pm CT (Jacksonville, FL)

My husband and I got divorced. The divorce decree stated I needed to get a mortgage to refinance within 90 days after the final decree. I did get a mortgage. In the process of getting the mortgage I found that my ex had me taken off the mortgages, first and second. He quick deded the property over to me and I am now in the process of getting a warranty deed onthe property. I want to refinance the first mortgage without the second mortgage being involved. I never signed any papers to be taken off the mortgages. I don't know how he did that. Can the second mortgage still hold the property as collateral since he took me off that loan and the property has been quick deeded to me?

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Asked 02/24/2008 11:16 am CT (Hackettstown, NJ)

I have a first mortgage and a second mortgage on my condo. My condo is worth less than the two mortgages together. I recently lost my job and will not be able to make both payments. What happens if they foreclose on my property? Can the second mortgage company come after me for the remaining money owed?

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