Archive for July, 2008

my 2nd mortgage have no power to change loan is that correct?

Friday, July 25th, 2008

Dee asked: My 2nd mortgage that they do not have the power to lower my interest rate because they are not in 1st lien position. Is this true or they are blowing smoke?Linda

Posted in mortgage | 3 Comments »

I am going into foreclosure. A private lender has a 2nd mortgage on my property. What will happen to that?

Wednesday, July 23rd, 2008

Michael L asked: Multi unit property has a recorded 2nd mortgage of 22k on it from a private individual. If the property gets foreclosed on, will I still be required to satisfy it? What is the lender accepts a short sale? WIll I be required to pay the 2nd mortgage ...

Posted in mortgage | Comments Off

Is a silent 2nd mortgage included when determining the equity in a home?

Tuesday, July 22nd, 2008

Arturo Amante asked: I bought my home with a silent 2nd mortgage and I need to know how much equity I have in my home. Should I determine the equity with the 2nd mortgage added to the price?Mathew

Posted in mortgage | 2 Comments »

Can you write off the interest on a 2nd mortgage loan?

Saturday, July 19th, 2008

Futeach asked: I'm in Nevada, and I have a equity line loan on my house. Can I write the interest off on my taxes?Shannon

Posted in mortgage | 5 Comments »

Can our 2nd mortgage company attach our wages once our home is sold as a short sale?

Thursday, July 17th, 2008

TAMMY O asked: Our 2nd mortgage company is suing us for $25,000 (the balance on our 2nd after they signed off the lien for the short sale). They have submitted paperwork to attach 25% of our wages until it is paid off? Is their any legal way out of ...

Posted in mortgage | 6 Comments »

Can the 2nd mortgage company sue me for deficiency upon foreclosure?

Wednesday, July 16th, 2008

cooluni asked: I am in the process of foreclosing my house along with 2 rental homes in AZ. I understand that the anti deficiency law protects my assets. However, can and will the 2nd mortgage company sue me or put a lien on my other property/asset for the ...

Posted in mortgage | 2 Comments »

Short sale when you have a 1st and 2nd mortgage?

Saturday, July 12th, 2008

Laura B asked: If you do a short sale on your property, the first mortgage gets cleared, but what happens with the second mortgage? Does the other bank still come after you for the balance?Walter

Posted in mortgage | 4 Comments »

Do you figure mortgage payments for a 2nd mortgage the same as for a 1st mortgage?

Tuesday, July 8th, 2008

neffykitty asked: We're about to close on a house and we have a 1st mortgage, and then a 2nd to pay some of the down payment. This avoids PMI. If I plug the numbers into a mortgage payment calculator, the 1st mortgage payment is the same as the one on ...

Posted in mortgage | 7 Comments »