Archive for February, 2008

Owner Carrying 2nd Mortgage. Pros & Cons, How to Get Started?

Wednesday, February 27th, 2008

pez_05 asked: I am selling my home by owner & willing to carry the 2nd mortgage for the buyer for 2 years. What do I need (e.g. forms) to get this process started, Can title do all the paperwork, what interest is the norm to charge, closing costs, etc. ...

Should I take out a 2nd mortgage to pay for my credit card debt?

Wednesday, February 27th, 2008

Cynthia H asked: My husband and I are in our late fifties. He is disabled and is on a set income. We only make enough money to pay a our bills. There is very little money left over for gas, groceries or everyday living. We owe 25,000 ...

How LTV ratio is calculated for getting 2nd mortgage ?

Saturday, February 16th, 2008

bhaviksojitra asked: Up to what % (of base income and based on previous years tax return) of property value 2nd fixed rate mortgage could be approved ? How it is calculated and factors involved with it.Jerry

What are the rules for forclosure on a 2nd Mortgage?

Saturday, February 16th, 2008

Mike asked: I am currently thinking of selling a property and the purchaser wants me to hold a 2nd mortgage. What are my rights if foreclosure was to happen? Can I buy out the mortgage from the first holder? If I can't I will most likely lose my ...

2nd mortgage Foreclosure: How long is the delay to put it on your credit?

Thursday, February 14th, 2008

hruss7 asked: We paid off a 2nd mortgageforeclosure before it went through. We continued to pay on our first mortgage with no problem. The attempted forclosure was not on our credit report until we refinanced with a new mortgage company. Is this fair? It looks suspicious that it only appeared ...