Archive for January, 2008

What happens when your 2nd mortgage holder files a foreclouser?

Tuesday, January 29th, 2008

Mrs Q asked: we are in a Chapter 13 BK and our 2nd mortgage holder file their claim as unsecure , 2 1/2 years later they wanted to be paid as secured and was denied, fianaly was granted relief and is filing foreclouser, we've tried to have them added to ...

How do I write off a seller financed 2nd mortgage?

Thursday, January 24th, 2008

john b asked: I am selling my house for $89,900, the buyers said the only way they can get a mortgage for that is to have the paperwork show a sale price of $113,000, with me financing the remaining amount, and then I can write off what I'm supposedly financing ...

How does a seller held 2nd mortgage work?

Friday, January 18th, 2008

happygirl asked: The seller of the house that I want to buy says that he will do a seller held 2nd mortgage. How does that work?Michele

Can you use a 2nd mortgage to remove PMI on a pre-existing first mortgage?

Tuesday, January 15th, 2008

Chris I asked: I have read that a lender must automatically remove PMI once your LTV is 78% of the original amount financed. I have a single loan, and I bought the property well below market value. Since my loan is not 2 years old the lender will ...

After a foreclosure, Can the 2nd mortgage go after my personal assets or business?

Saturday, January 5th, 2008

Chicky-D-Chick asked: the property is in CA. The original loan was 80/20 100% financing purchase money loan. The creditor is calling that I need to pay them, but I dont have the property anymore. Please help.Lee