Cherie D asked:


We need to obtain a 2nd mortgage of $25,000 on our home to basically pay of a bad loan. We went to a comapny and borrowed money and now they are charging 31.99% in interest, we’d like to clean up our 2 credit cards and pay back a loan from family, is there a reputable company in Ontario that we can trust to help us or do they all charge alot of interest?We just don’t want to get roped in again can anyone help us?

Agnes

mcoopd1 asked:


I ask this because most lender said I have to refinance my 1st in order to pay off my 2nd, but if I do that because of my low credit score my interest will go way up and it will double what I am paying now. Is there a solution?

Bernice

mickeytchs asked:


Total I brought the house for 87000 and I owe about 85000 total between the two mortgages. First mortgage has an itnerest rate of 9.5% and the 2nd is about 12%. Is this a good time to refinance. In total I am paying between 750-800 a month (not including taxes or homeowners insurance) should I refinance.

Lewis

gsproducts94 asked:


Hello,

Are there any mortgage companies that will do a refi if your late 3 months on your 2nd mortgage? Thank you for your time.

Ted

the_hankster751 asked:


Also, the original loan was for 18 months at 10.5% interest. It was due in 2003. It was never paid and I was wondering if the title company would be responsible for interest for the last 5 years. It was recorded.

Sam

kelbean asked:


I have a client that has two mortgages - first for 127,000 and a second for 15,000. The client wants to let the 2nd go 60 days late but is worried. I don’t know about these things, so I wanted to see if any of you have any ideas or have been through this. Thanks!

Gina

claudia asked:


My credit report shows the account as paid and closed, but the lender is calling because they want their money. I received a 1099A on the first loan already but not on the second loan, what can I do?

Renee

merk asked:


My husband and I owe about $98K on our house. Before we got married, he took a $40K second mortgage on the house to pay for graduate school. We are only paying the interest on the 2nd mortgage, at about $350 a month. We are planning to sell in two years and we’ll list the house for about $170K. My question is, do we continue paying just the interest on the 2nd mortagage and pay it off when we sell, or should we start making larger payments off the balance? Any help you can give is greatly appreciated!!!
We put a decent amount into savings a month, and retirement each year. I’ve been going back and forth over paying more towards the balance of the 2nd, or paying more towards credit cards that have a low interest rate.

Jack

Christine L asked:


I have a great fixed rate on my first mortgage 4 3/4%, however I am paying about 11% on my second. Are there any companies out there that will refinance only the 2nd? And how does equity come into play with this, the CA housing market is not that great! Not looking for cash out, just a lower monthly payment. If anyone knows a company that might work with us, please let me know. Thanks,

Clarence

Angela A asked:


I’m specifically looking for what happens in the case of default on the 2nd mortgage when the 1st mortgage is not in default.

Vera