Mom of 2 great boys asked:


I’ve asked this question before about campers, trailers, permanent sites at a camping ground in South Carolina.

I am doing alot of research here and many of my feedbacks have been negative about any bank or financial institute even considering a 2nd mortgage or loan to purchase one of these so called trailers in a campground.

I also am getting negative feedbacks on the resale value on these structures.

Anyone know, or how to go about looking for a reputable lender in South Carolina? I am in North Carolina and my broker does not know anyone nor does he have any advice for me on this situation. He told me to check in South Carolina.

So, here I am asking you.

Any help will be greatly appreciated.

Christian

tenped asked:


Also where can I go to find this information without having to fill out a online loan application?

My house is worth $600000, I have $120000 in equity, I want to take out a 2nd mortgage for $55,000. I’d like to know the rates currently February 15, 2007.

Thanks

Amy

Mak asked:


Bought home in October of 2006.Bought it with no money down. Did 80/20 Loan: 1st Loan 7.125% 2nd 10.5%. Interest only 5/ARM. Price was $584000 In the Los Angeles area.
Bought Home below market value, houses around my area are selling for $650K and up.How soon can I refinance to a fixed rate and what can I do about the 2nd mortgage in order to avoid getting a Jumbo Loan rate and having to pay PMI?

Delores

Single Mom asked:


My 1st mortgagor foreclosed & did not pay any to my 2nd mortgage, do I have to continue to pay the 2nd? (State of Tx) Is the secondary mortgage now considered an unsecured loan? I don’t understand why I’m still obligated to pay the secondary if I don’t even own the home any more…. It’s 30k!

Jack

No Equity asked:


I own a single family property in IL. I have a 1st mortgage that was 100% LTV that was used to purchase the home and a 2nd mortgage that is a 120% LTV that was used to consolidate debt. The value of the home is about $40,000 short of what I owe based on both loans. I want to refinance my 1st mortgage which is at a rate of 7.25%. Is this possible?

Stacey

Batfish asked:


i am purchasing the property, the bank will have 1st position and the seller has agreed to take back a note 2nd position.

i am wondering if having a second mortgage will reduce my chances of closing the first mortgage?

i want to be clear, i plan to inform the bank and i have no intention to commit fraud by concealing the second mortgage.

Theresa