howi_how asked:


We filed bankruptcy a year ago. We left out the first mortgage but included the second mortgage (home equity line of credit). It has been discharged, no one contested it and we haven’t received a statement or any other communication from them since. We want to sell the house now to our daughter. Does that 2nd mortgage company still have a claim to the property?

Dana

whattheheck asked:


If we refinance and combine our 1st mortgage and our home equity line, what type of loan is that called. I don’t want to call a mortgage place right now because they will run our credit and all that stuff. Also would we qualify for the low rates that are being advertised if we have good credit?

Antonio

punkinbutt’smama asked:


My husband and I are contemplating buying a new home. We have only owned the one we have now for 1 year. We also have a second mortgage. My question is - will the proceeds first be used to pay off the second mortgage before they would be subject to capital gains tax? What happens if we don’t get enough in the sale of our home to pay off the second mortage completely? If we have money left over, what can we do to avoid the capital gains tax on it?

Jacob

z2008a asked:


I want to refinance my 1st mortgage with the same lender, pay off 2nd mortgage from another lender, get cash out for to pay off other loans. Total amount to borrow is $330,000.00. How much should the lender charge to do this?

Willie

alvin asked:


Unfortunately my home was foreclosed and I tought, the 1st and 2nd mortgage disappears and the procces will ended. But suddenly I started receiving calls from the bank lender of the 2nd mortgage. They said I still owed them even if the home was foreclosed and if I didn’t pay them, they will reported to the IRS, so they can charge it off on my paycheck. It’s that true. Need some advice. Thank You!!

(I had a 80/20 loan with two different bank lenders)
Oceanside, California

Raymond

lisawh916 asked:


I have a 1st & 2nd. Both mortgages are current- now. I am upside down in my property. Both loans are re-setting 9/08. Since I have no equity, what is the likelihood the 2nd will foreclose? If they decide not to foreclose can I still stay in the home & keep making the 1st mortgage payments ? How is this reported to the credit reporting agencies? For how long?

Gene

Eric D asked:


1st mortgage amount is $322,000 and 2nd mortgage $80,000. The same house is selling for $20,000 less than the total amount. Would the 2nd foreclose or just write off as a loss?

Don

waddle02 asked:


Say the 2nd mortgage is substantially less than the value of the house. Let’s say the value of the house is at $300k, and the first mortgage (the one on the house) has $40K left. You take out a home equity of $20k. What happens if you default on the home equity, since they can not foreclose on your house since the value is much higher than the borrowed amount.

Sharon

parasite414 asked:


I have 2 mortgages and was wondering what happens if one goes into default, can the mortgage in default cause foreclosure on both the 2nd and 1st mortgage?

Kathryn