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Harry Said:

Do lenders only include the first mortgage in a foreclosure?

We Answered:

Find out if your state is a recourse state for the purpose of deficiencies in loans after foreclosure. Generally on a lower down payment foreclosure, if the lender doesn't think the property will bring enough to cover the first mortgage, they will not include the second mortgage in the foreclosure proceedings. That will allow them to pursue you for the amount of the second mortgage. Whether or not this will work for them depends on a number of things that are specific to the laws of your state and the terms of your second mortgage and the type of property etc. But if you have other assets or a good income, in some states the lender will be able to come after you for the deficiency in the first mortgage if the proceeds from foreclosure don't cover what was owed, plus the outstanding loan balance from the second mortgage as well.

I'd say its worth the person having a sit down with a lawyer versed in foreclosures in your area just to see what they have to say. The first visit is often free.

Pauline Said:

are there really mortgage lenders offering 4% for a first mortgage?

We Answered:

I've seen fixed rate loans offered for as low as 0.2-5%... but that's from the "Advance Fee Loan Fraud" scammers working Yahoo Answers...
Here are some tips for determining whether a loan is legitimate or a scam:
1) They don't use a free email address (yahoo, gmail, hotmail, live, etc)
2) They have a secure website you can go to to fill out their application (this isn't 100% ... do a search with the company + fraud and also + scam... and check the BBB)
3) They don't require ANY fees upfront. Any fees will come out of proceeds of the loan (scammers want their fees via Western Union or Moneygram)
4) They have a REAL address you can send mail to
5) They have a REAL phone number, not a cel phone
6) Look at their profile - usually created in the last 48 hours. Why? Because they get reported for this answers and yahoo deletes the accounts, so they just open a new one and send again until they are deleted once more!

Sharon Said:

Does anyone know of any lenders that are willing to do a 80% first mortgage?

We Answered:

Plenty of lenders will still allow it. ING for one if you don't mind your clients being taken by their retail side.

Problem is - where are you going to find someone stupid enough to do the 20% second? The 80% is easy....the investors in those seconds are seeing their bonds worth 15 cents on the dollar.

Jo Said:

I need a first time buyer mortgage for 92% of the property?

We Answered:

Try contacting a mortgage adviser, they can tell you a little bit more about the housing market in your area etc.
We were told that with an income of £21,000 we would be able to achieve a mortgage (100%) of about 120,000 but we aren't looking to buy for a while yet. If you ring one, they will generally give you some quick advise for free over the phone :)

Lee Said:

need help finding web sites of pre foreclosure and first mortgage lenders to poor credit, in ks.?

We Answered:

Try Regional Mortgages.
http://www.regionalmortgages.com

Annie Said:

First Mortgage, need lenders opinion?

We Answered:

Don't worry to much, this is pretty standard sounding stuff. Note that it is always possible that the bank can pull the financing due to their own problems (some of them may be approaching bankruptcy and could possibly have to pull all funding for this). Still, this is highly unlikely and rarely (even in this troubled market) happens.

Anyhow, its possible a problem could come up, but seems very unlikely. Furthermore this is totally out of your hands so stop worrying - there is nothing you can do about it now. Finally, banks want to lend money responsably and you sound like a good loan for them, so it will probably all work out just fine.

Maria Said:

Appling for a mortgage - should I pay off cc bills first? or keep money in savings?

We Answered:

Pay off your debt asap.but do not close the accounts.this will raise ur credit score and lower ur debt to income ratio.shows that more is kept in than goin out of ur household.stay sweet and safe.