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Search: "First mortgage"

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Asked 11/10/2009 11:31 am CT (Exeter, NH)

I have a hardship. Can I sell my home and pay off my first mortgage and then negotiate a second mortgage payoff with the proceeds? Or can I renegotiate the second mortgage with a promisary note.

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Asked 09/25/2009 10:51 am CT (Olathe, KS)

My wife and i got a chapter 7 discharge . We reaffirmed the first mortgage but not the second one . the second one was a 125 % LTV . If we can't make the payments on the second one . will they foreclose on the house ? we owe 89000 on first and 34000 on the second and the house is worth around 105000 ? Would they pursue a foreclosre that they would most likely not gain anything back from ?

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Asked 09/18/2009 12:05 am CT (Los Angeles, CA)

I have filed chapter 7 and should receive a discharge soon. I included as surrender all three mortgages. My first mortgage lender has offered me a modification to sign now before the discharge, not reaffirmation just signing new modification. If the house was to foreclosure, there is not enough money to pay the second or third liens. Am I legally obligated to pay the first mortgage if I sign this modification and lets say the 2nd decides to foreclose would I have to pay any money to the first? I dont plan on paying the second or third mortgages.

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Asked 01/09/2009 09:36 am CT (Nashville, TN)

If I got a first mortgage loan at a reduced rate but am a traveling nurse and lease my home - can the lender foreclose on my loan

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That's a possibility but a VERY slim one. I doubt that the lender would want to own any more proper...

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Asked 01/05/2009 08:24 pm CT (Blaine, MN)

I bought a house with a friend out of college 4 years ago. Since then we have refinanced the 2nd Mortgage under just his name due to credit score reasons at the time. I recently got married and we were able to get the 1st mortgage in both me and my wife's name, however, the 2nd mortgage carrier wouldn't allow me and my wife to "assume" the 2nd mortgage from my friend and release his name entirely. So we now have a 1st mortgage with me and my wife's name on it, and a 2nd mortgage with just my friend's name on it. The question is: My friend now wants to move out, and we owe more than what the house is worth. Me and the wife plan on staying in the house, but due to a recent drop in pay we are unable to afford the 2nd mortgage that my friend currently pays. My friend has talked about just walking away because there is no reason for him to stay, and he doesn't care that it will affect his credit significantly. I'm assuming this will also affect me and my wife if he walks, but how? Does the 2nd Mortgage carrier then file for foreclosure and being we owe more on the house than it is worth would the 2nd mortgage carrier still buy out the first mortgage carrier and foreclose entirely? Should I have my friend try to negotiate with the 2nd mortgage carrier to lower the amount of $$$ owed? What do you suggest we do? Thank you!

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If the 2nd mortgage is secured by the home you are living in, and that mortgage goes into default, t...

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Asked 01/02/2009 12:45 pm CT (Annapolis, MD)

My son's wife moved out of their house a few months ago. She took care of all bill payments. Now he finds out that she did not make the second mortgage payment for a very long time and they will no longer accept a monthly payment. He is working two jobs just to pay the monthly bills and has two children with him. He tried to draw out his 401K to pay on the second mortgage but was not able to get more than $1200 from the fund. His first mortgage is fine. What can he do about this situation? Can the second mortage company foreclose on his house? Thank you for your reply.

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Yes, the 2nd mortgage lender can foreclose. However, the property would have to sell for a sufficie...

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Asked 12/22/2008 08:50 pm CT (Atlanta, GA)

NEED INFORMATION ON OPTIONS FOR PAST DUE 2ND MORTGAGE. I HAVE 2 MORTGAGES MY FIRST MORTGAGE I DID A MODIFICATION ON IT AND I AM CURRENT ON IT. MY SECOND MORTGAGE COMPANY DID NOT OFFER ANY RELEIF OR LOAN MODIFICATION PROGRAMS. I AM NOT ABLE TO REPAY THE PAST DUE BALANCES TO BRING IT CURRENT. THEY HAVE SENT THE ACCOUNT TO AN ATTORNEY. DO I HAVE ANY OPTIONS?

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Asked 07/09/2008 05:39 pm CT (SACRAMENTO, CA)

MY HUSBANND AND I FILED BANKRUPTCY AND IT WAS DISCHARGED LAST AUGUST 2007. WE HAVE A 2ND MORTG WHICH WE DID NOT REAFFIRM IN THE BANKRUPTCY. WHAT HAPPENS IF WE DO NOT MAKE THE PAYMENTS TO THE 2ND MORTGAGE COMPANY BUT STILL PAY THE FIRST MORTGAGE? THE PROPERTY VALUE HAS DROPPED TO WHERE IF WE TRIED TO SELL WE WOULD BE LUCKY TO GET ENOUGH IN THE SALE TO PAY OFF THE 1ST MORTGAGE. THE 2ND WOULD GET NOTHING- AND THEY WERE INCLUDED IN OUR BANKRUPTCY. IF WE CANNOT CONTINUE TO MAKE THEIR PAYMENTS CAN THEY FORCE A SALE OF THE HOME?

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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 04/16/2008 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 04/11/2008 09:05 pm CT (Hempstead, NY)

Filed chapter 7 in August discharged in November 2007. I surrendered my home to first mortgage company who told me I don't owe anyone once I move from property. Now my 2nd mortgage company is calling me to make payments. I don't understand why my 2nd mortgage company is telling me that I still have to pay them. My house is worth $380-410, I surrendered the property because I could not afford to pay hoping that I would be able to live without stressing any more. I owe 264k on the first and 63K on the 2nd. Why am I still getting harrassed when I could have reaffirmed but chose not to. I am really confuse, thanks.

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Asked 04/06/2008 03:32 pm CT (Zionsville, IN)

Assume closing on 5/1/08. You pay 30 days of interest at closing. Is first mortgage payment due on 6/1 or 7/1?

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Closing on 5/1/08 w/ 30 days of prepaid interest gets you to a first pymt date of 7/1. Since mortgag...

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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 03/01/2008 11:45 am CT (Moreno Valley, CA)

If my first mortgage agrees to a modification.But the 2nd or equity line does not?Can they foreclose?How do expect to get paid if homes are so low in value,and then the first would be paid first.Could they not just paut a lien on home?Why I 2nd's so difficult to deal with?

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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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Asked 07/31/2007 10:29 am CT (Gaithersburg, MD)

I had two mortages on my home, the second foreclosed and was bought at an auction. Now they are trying to sell the entire property even though I am still current with my first mortgage, what can i do? They claim that they bought the second mortgage and that gives them ownership of the entire property

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Asked 04/24/2007 10:17 am CT (cleveland, PA)

I am going through a divorce where both my spouse and I are on the deed and the first mortgage. However, my spouse never had any income and the mortgage is based on my sole income. Is it possible to have my spouses name removed from the existing mortgage without refinancing if my spouse quick deeds the house to me?

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Your spouse can deed the house over to you but she will still remain on the loan unless you refinanc...

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Asked 04/20/2007 06:04 pm CT (barnegat, NJ)

HI,,I wonder if you could help Iwant to refinance my second mortgage because its a very high rate 12% my first mortgage is 6.5% my fico score is around 570 and my wifes 640. there saying I have to combine the two mortgages to get a good rate. why wont they just refinance the second mortage because its less money?? are the guidlines much harder to do the second mortgage they are will to get my fico score up because two or three items on the report are not mine so they hired a company to bring up the fico score. buthey said they refinance the two mortgages not the second please explain why??

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sounds like you and wife are on the title together. if you want to lower you payment try an option a...

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Asked 04/13/2007 04:27 pm CT (BRONX, NY)

I have a mortgate with a rate for 5.625 i also have 2 equity line of credit 100,000 100,000 i am trying to get a loan for 200,000 but i do not want to touch my first mortgage.i would like to take personal loan ? i went to several brokers and they are giving me a rate for 8.75 for 2oo,ooo please tell me what should ido

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I have the Best rate for your loan if you call it will be worth you time. 347-5739799...

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Asked 03/28/2007 05:48 pm CT (albany, GA)

The holder of a first mortgage on one of the properties securing this lender's loans has commenced foreclosure proceedings. Should the second mortgage lender be concerned?

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The second lender wil only get the "scraps" leftover after the first lender auctions the property a...

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