Second Mortgage Loan

Tyler Said:

which law covers a second mortgage loan after a foreclosure?

We Answered:

I'm carefull not to get thrown off here while I try to help others (wow) But, Bush passed legislation about negotiating a short pay and no tax applicable - that is not really your deal as you are n default. First, so what, it happens. Second, you have a deficiency judgment against you by the lender and they knonw that is not allowed. There is a legitimate and proven technicality the lenders do not want you to know about. Wake up America, These guys are predators and you don't see it! get me at msoliman@borrowerhotline.com

Erica Said:

If someone defaults on their mortgage loan, what happens to the second mortgage owed?

We Answered:

When the borrower defaults, the first mortgage holder forecloses and sells the property. If they do not sell it for enough to pay off the first mortgage, then the second mortgage gets nothing. Depending on state law, the second mortgage holder may have the right to sue the borrower for whatever part of the $75,000 is not paid. So the borrower could be forced into bankruptcy.

Myrtle Said:

can i get second mortgage loan on my property?

We Answered:

There are three ways in which you can get this done.
1. Since adequate margin exists, go back to your existing banker. If your account is clean, they may enhance the facility.
2. Go to another bank, get an appraisal done and get a loan sanctioned for the amount required by you. Out of the proceeds, the second bank would remit to the first bank its dues and get a no due certificate along with all the documents ( title deeds ). Fresh mortgage for the full amount would be created in favour of the second bank.
3. If the second bank is unable to give the full amount, but is agreeable for the excess amount required by you, take an NOC from the first bank and create a second mortgage favouring the second bank. The rights of the second banker will be only after first bank liabilities are cleared. Generally banks do not agree for such mortgages.

Clinton Said:

What is the best monies to get from a refinance, equity loan or a second mortgage loan? Why?

We Answered:

that depends on a couple of things. First, what is the rate on your current first mortgage? If the rate you can get refinancing is as good as or only slightly higher than what you have now, it might be better to refinance because second mortgage rates are generally higher by several points. Home Equity lines of Credit are generally adjustable rate interest loans based upon the prime rate so if you are looking for more than you can repay in a year or two you have to consider what might happen if the Fed raises the prime rate of interest and the impact that would have on your payment.

Yes there are costs involved in refinancing that may be higher than those of a second mortgage or line of credit but those are usually included in the amount to be refinanced and you can amortize the write off on those costs so if the payment is what concerns you a refinance might be in your best interests if you are looking to see cash in excess of $10,000..

Alfredo Said:

Can a mortgage be in one name and a secured second loan mortgage be in joint names?

We Answered:

It should be possible, but because there is something called fixed rate, combined debt is only considered.

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