BestInMortgage.com Post Your Mortgage Question Find mortgage expert in your area
You are not logged in. Login here. Not a user? Sign Up
Email: Password:
 
Search by Mortgage Terms: Ask My Question


Search: "Second"

Pages:  1 
 
 2 
 
 3 
 
 4 
 
 5 
 
 6 
 
 
 

Asked 03/19/2007 01:18 pm CT (Liberty, MO)

I got a second mortgage a couple years ago and I almost have all of the money to pay it off. The terms of the mortgage included a prepayment penalty of 2% of the REMAINING principle balance in paid off within 3 years. I have been saving up the money to pay this off and just have it sitting in an account. If I pay down the principal using the money already saved and then pay off the loan in a couple months when I have the rest of the money, will I get away with paying a much lower prepayment penalty since the outstanding principle balance will be almost nothing? Here is the exact language of the contract I signed: Consecutive monthly principal and interest installments of $xxx.xx first due on the xx day of xxxxx, xxxx. Such payments to continue until maturity when the remaining principal balance and any unpaid interest thereon shall be due and payable. In the event full prepayment is made within three (3) years of the date of the first monthly payment a prepayment penalty in the amount of two percent (2%) the remaining principal balance will be assessed.

Keywords:
                                              

From what you stated in your question you would have to pay a penalty if you pay it off within 3 yea...

[ Total Answers: 2 ]

 
 

Asked 03/11/2007 09:48 am CT (salem, OR)

Is there a 3 day right to cancel on a second loan when concurrent with a first loan on a purchase?

Keywords:
            

Wendy, Jeff's right, it's related to refinances. For some reason I read refinance, not purchase. Goo...

[ Total Answers: 3 ]

 
 

Asked 02/09/2007 06:22 pm CT (Newport, WA)

I took out a 15000.00 dollar loan to purchase my cabin home.I purchased the 2 acre property with cabin for 45000.00.I put 24000.00 down and did a second loan of 6000.00 with a friend at 3% interest.The first loan was at 10.5% fixed.The agreement was i kept homeowners ins. up to date and paid my payments on time.I dont have a problem paying my payments on time.My insurance company called me and said they were not renewing my policy in 4 months due to roof and siding problems.Also they pointed at my dog husky.Can the lender forclose on me if i make my payments on time but cant find another homeowner policy in time?

Keywords:
                                  

In the event your servicer is notified of a lapse in your policy they will likely place forced insur...

[ Total Answers: 1 ]

 
 

Asked 12/05/2006 02:55 pm CT (Merritt Island, FL)

I have a first and second mortgage on my home with two different lenders. Can I refinance my first mortgage to get cash out, without touching my second mortgage?

Keywords:
                  

Hello Karin. There are situations in which your second mortgage lender will allow you to refinance ...

[ Total Answers: 2 ]

 
 

Asked 12/02/2006 02:28 pm CT (Charlotte, NC)

I was suppose to sell my house Nov.30. The day of the closing the buyer backed out of the deal. His financing was completed and all his paperwork was completed. He had the money for closing as well. His reason for not closing was that he just didn't feel like spending the money at this time. To get so close to selling my house and have this happen is extremly frustrating. Which leads me to my questions first I was under the understanding that this was a legally binding contract and if so what are my options against this buyer. Secondly I'm stuck paying two mortgages do you have any suggestions because I'm running low on funds. thanks

Keywords:
                    

Trae, Did you have an attorney represent you in this deal? NC requires them for title work, but n...

[ Total Answers: 2 ]

 
 

Asked 11/29/2006 05:25 pm CT (CONVERSE, TX)

Have an 80/20 loan on my house if it forecloses on the 1st does the same foreclosure timeline go for the second when I received different dates on the collection notice?

Keywords:
            

 
 

Asked 10/24/2006 05:41 pm CT (OLATHE, KS)

I RECENTLY REFINANCED DUE TO FINANCIAL ISSUES CAUSED BY BIRTH OF A SECOND CHILD AND MY HUSBAND CHANGING JOBS. IT STILL SEEMS THAT WE CAN'T AFFORD OUR HOUSE ANYMORE, BUT WON'T BE ABLE TO SELL IT FOR WHAT WE OWE. THERE IS A FIRST AND SECOND MORTGAGE. WHAT ARE OUR OPTIONS?

Keywords:
    

Teresa, As you already know, you do not have many options. One may be to find an investor or someo...

[ Total Answers: 1 ]

 
 

Asked 10/11/2006 08:48 am CT (Cartersville, GA)

Bankruptcy discharged June 2005. Got in current home June 2004. 80/20 loan with 2 year ARM (interest only) on 1st and fixed on second. My ARM adjusted in June of 2006 and I want to refi to lower monthly payments. I am current, and have a really good job/steady income, but do not really have anything in the way of clsing costs or downpayment at the moment. I have recovered from the bankruptcy but need to lower my monthly to speed up my receovery. Should I try to refi both into a fixed or just the 1st? (is that even possible?) Should I try to roll both into another ARM with a lower rate to give me time to further improve my credit? I have read so much on the Net about mortgages I am confused. My current ARM is going to adjust another point up on December and I would like to avoid that if possible. I am tired of filling out these forms and having my credit pulled only to get turned down, or telling me they can't do it. What is my best course of action? Please help me with some good advice?

Keywords:
                                

Kevin: I do loans in GA. There are several pieces of information that I would need in order to pr...

[ Total Answers: 1 ]

 
 

Asked 09/16/2006 01:23 pm CT (Asheville, NC)

I want to get a second mortgage on my home to pay off all of my bills and purchase another car. My home is worth about $200,000 and I currently have a $140,000 primary mortgage and a $9000 second mortage (that would also be paid off in the process). I need about $35,000. The problem is that due to many unexpected medical bills that made me late on my current mortgage, my credit score is in the low 500's. My father has agreed to cosign with me and his score is 800+. I know there are some lenders that will allow for a non-occupying cosigners, but I don't know exactly what all this means. My first mortgage has a 5.25% rate and I want to get as low a rate on the second mortage as possible. Where do I find honest lenders that would be interested and would give me a reasonable rate?

Keywords:
                                

Your father can take out the mortgage for you, but you will not be able to obtain secondary financin...

[ Total Answers: 1 ]

 
 

Asked 08/17/2006 01:20 pm CT (Kingston, PA)

First, let me begin by saying that I am a loan officer, working for a broker in PA. I have encountered perhaps the ugliest loan scenario in my five years in the business. I know this service is intended for consumers, but I have no idea what lenders can do this loan - if any, so any advice will be greatly appreciated. I have a client who had trouble with her finances, so she filed for Ch. 13 BK in March 2005. Little over a year later, she is presently about to lose her house due to the fact that she got behind a bit on her payments to her Ch. 13 BK Trustee. She was constantly getting behind - and not paying the trustee on time - so the Ch. 13 BK was "dismissed," and she was more or less booted from the BK due to her defaulted payments. She spoke to her BK attorney - not her trustee - and he told her the only way to save the house was to first refinance and pay off the mortgage. Then, she would attempt to file for a Ch. 7 BK so the trustee and the secondary creditors could be paid. The LTV is 90%, and she is still not caught up with her payments. The loan can go full doc. The LTV is high, and that's assuming the house will make value come appraisal time. Mid score is 553. Foreclosure procedings have not yet started. Help! Michael Peeler Loan Express 570-718-0230 phone 570-718-0233 fax

Keywords:
                            

Michael, Your challenge is the LTV vs the credit score. You might be able to swing 80% if the lo...

[ Total Answers: 1 ]

 
 

Asked 08/16/2006 05:33 pm CT (Maynardville, TN)

Our primary residence has a mortgage set up on the 85-10-5 scale. We have a first mortgage for 85% of the loan and a second mortgage for 10% of the loan with 5% down. We purchased 6 months ago. We are very interested in purchasing a second home of lessor value, but don't know if a new loan is possible for us. Our credit is very good/excellent, but we do not have a down payment for the second home purchase and would like to finance it 100%. Is this even possible? Thank you!

Keywords:
                        

There are 100% financing options available for 2nd homes, but it usually makes more since to leverag...

[ Total Answers: 2 ]

 
 

Asked 08/08/2006 08:43 pm CT (hope mills, NC)

i want to buy a investment property thats a for.close can i take money out of it to fix up then sale it (second mortgage)

Keywords:
          

Hi Jason, If the property is in foreclosure and its a distressed sale, you would have some diffic...

[ Total Answers: 2 ]

 
 

Asked 07/27/2006 07:31 pm CT (Folsom, CA)

I recently signed documents to refi my second mortgage and waited thru the 3 day period, only to find out after 4 days from my broker that the lending institution told him that documents they created ad been in error for a program that they do not have. Are they allowed to this when they are the ones that created the forms and is this legal? Do I have any recourse

Keywords:
                  

Hi Greg, What an unusual circumstance. I would assume that the documents you signed were for the ...

[ Total Answers: 1 ]

 
 

Asked 07/25/2006 05:58 am CT (grand rapids, MI)

my mom who is retired, wants to sell her home to me her son. She has cosigned a loan with my brother for his second home. He filed for bankruptcy on his first home several years ago. Can I get CLEAR title on my moms home, if I buy it? Can she sell it?

Keywords:
                

Hi Mark, I am Grand Rapids based and can help you with your situation. My number is 616-915-6067...

[ Total Answers: 3 ]

 
 

Asked 07/19/2006 09:15 pm CT (Lithia Springs, GA)

My husband and I received a Chpt 7 discharge this past January. We remain in our house which has three mortgages. The 1st and 3rd are included in the bankruptcy(we make reg pmts), the 2nd we reaffirmed. What are our options if we want to leave the house? Or if we sale, is it possible that we can get the second to make the $14K a personal loan since we can't file bankruptcy anymore. The third question is, the 3rd mortgage is interest only (but did not start off as such, it was done to try and save money on monthly pmts), the bank claims that they cannot switch it back to regular payments, is that true/can they do that? I'm paying $200+ monthly and it's going nowhere, all interest.

Keywords:
                          

Hi Kit, Yes its true. Once you have secured a note with terms, that is a legal binding agreement...

[ Total Answers: 1 ]

 
 

Asked 07/16/2006 07:53 am CT (toledo, OH)

hi, my husband and I bought our first house about 10 months ago. On the day of closing we found out that I was pregnant with our third child- a little unexpected. Anyways, we purchased the house knowing we would be comfortable with our payments because we both worked full time. During the pregnancy I had to cut my hours down in half then I had an unexpected c-section which put me further out of commision from work. Now the baby is 3 months old and we have already taken one house payment and spread it out over 9 months. However, we are so behind on everything that i'm not sure what to do. Would we have an option of a second morgage to get back on track? The house was appraised at 11,000 more than what we bought it for. Furthermore, our rate was 5.85% can we refinance at the higher rate to get extra funds? Please help with any suggestions.Thank You

Keywords:
                                

Kristi, Jeff's answer is good, but I would consider selling before you put yourself in a worse si...

[ Total Answers: 2 ]

 
 

Asked 07/06/2006 08:07 pm CT (providence, RI)

say a house is worth $200,000 and you owe $170,00 on the first mortgage, and you have a second mortgage for $20,000 and a third mortgage for $20,000. if you sell the house for $195,000 and pay off the first and second mortgage, what happens to the third mortgage

Keywords:
                

As Mr. Krause alluded to, If the reason you are looking to sell the home for below market has someth...

[ Total Answers: 4 ]

 
 

Asked 07/04/2006 05:50 am CT (Mississauga, Ontario)

Good Morning Ted, I am not sure who I should contact but I am hoping that maybe you can help me. Last year I invested in a condo, it was a “good thing”. Well with that said I was one of the few people who were not making any money form this and I couldn’t get caught up with the mortgage payment so the bank took my condo. I had to get a second mortgage, which was from a private lender. So my question is if I lost my condo, do I still have to pay my second mortgage back?

Keywords:
                  

Hi Nancy, Good morning... Chain of title is an immediate concern??? Normally the 2nd mortgage c...

[ Total Answers: 1 ]

 
 

Asked 05/30/2006 07:41 am CT (Ocala, FL)

Does a home equity loan (or second mortgage) affect your current LTV? Or is your LTV based only on the terms of the first mortgage? Basically I need to know if you are not currently paying MIP, if you take out a home equity line of credit, does that put you in at a higher risk bracket and cause you to have to pay MIP?

Keywords:
                      

No. Your current mortgage will not be affeted when you take out a HELOC (Home Equity Line Of Credit)...

[ Total Answers: 1 ]

 
 

Asked 05/24/2006 04:40 am CT (San Francisco, CA)

Yesterday, we signed closing documents to refinance a house that we own and rent out with the same lender as our original loan. throughout the process, our loan consultant was aware of that our property is a rental property. At closing, there was a set of docs called that they wanted us to sign, stating that this property was a secondary residence. Upon seeing this document, the consultant removed it and assured us it was the only reference in all of the documents to it being a secondary home. All the while. the notary is quickly passing documents to sign. When we got home, we looked carefully through the docs and saw references to our property as a secondary home. We are concerned that we may have inadvertantly committed fraud! we called the consultant and he says he will take care of this issue. Is that enough now that he has signed and notarized docs in hand? We were also told we had a right to rescission but I have read that you do not have this right when refinaning with the same lender. Any advice on how to proceed? We have sent a letter detailing the issues with copies of the four places our property is called a secondary home. Is this enough?

Keywords:
                            

Kelly, Sorry, i hope this is better late than never. 1st of all, you will not be in legal jeopardy...

[ Total Answers: 5 ]



Pages:  1 
 
 2 
 
 3 
 
 4 
 
 5 
 
 6