Archive for August, 2010

How does settlement of an underwater 2nd mortgage affect your credit?

Friday, August 20th, 2010

agaaron asked: My sister is trying to settle an underwater 2nd mortgage with her lender. She has remained current in all payments. Would a settlement for less than the full value of the note affect her credit? What about if she arranged a short sale of the home? ...

What is the difference between mortgage tax and property tax?

Friday, August 20th, 2010

Tuan asked: mortgage tax is the same as property tax but mortgage tax is pay to the bank because you borrow the mortgage loan? Thank you.Fishing Tackle And Accessories

If you have a mortgage, who is responsible for filing a Homestead and mortgage exemption?

Wednesday, August 18th, 2010

Alberto M asked: The taxes in our area when up drastically. My friend asked me to review his tax bill and I noticed he did not have a Homestead or Mortgage exemption. He has a 30 year mortgage on the property and it is his only & primary ...

Is it better to pay off credit card debt or a 2nd mortgage first?

Monday, August 16th, 2010

Andy asked: For example sake, say a person has $10,000 to either: 1) pay off a $10,000 balance on a 6% credit card or 2) pay $10,000 down on a 7% variable rate 2nd mortgage with a $30,000 balance.How To Install Vinyl Siding

What determines if the mortgage company will come after you if you walk away from a 80/20 mortgage?

Monday, August 16th, 2010

anitak26 asked: We have an 80/20 mortgage and have tried to refinance with no avail. We did get a 3-yr loan modification, however, after that the price will jump back up again. And if they come after my husband, what do we do then?Coffee Vending Machines

What do you do when your mortgage company does not include the original 2nd mortgage in with the modification?

Saturday, August 14th, 2010

Tina asked: We are working on a loan modification with our lender. We just found out today that the original 2nd mortgage is getting charged off and was not included in the modification package. What can I do since they never told me the 2nd mortgage was sold to investors ...

The Mortgage Meltdown

Friday, August 13th, 2010

CBS asked: Scott Pelley reports on the mortgage crisis that's far from over, with a second wave of expected defaults on the way that could deepen the bottom of the US recession.Carrier Heat Pumps

How to Satisfy an HSBC Recovery Dept 2nd Mortgage!

Wednesday, August 11th, 2010

boblachance asked: This weeks Preforeclosure Tip of the Weekcovers how to get a 1st lien holder (Saxon) to allow a 2nd lien holder (HSBC) more money than the "soon-to-be" standard $3000 that the government is allowing on the new government short sale program.Used Vending Machines

What if my 1st and 2nd mortgage are owned by the same bank?

Monday, August 9th, 2010

Mr. C asked: My 2nd mortgage is owned by BofA and since BofA bought out country wide my 1st mortgage is now owned by BofA as well. I'm considering walking away since i'm upside down, should i stop paying both mortagages since they are owned by the same bank? and ...

Can I get foreclose if I miss my payment on my 2nd mortgage ?

Saturday, August 7th, 2010

Jewel asked: I have been making my 1st mortgage payment, my income is not the same. I could only afford to pay my 1st mortgage payment, can they foreclose if I don't pay my 2nd mortgage? I have contacted the bank for my 2nd mortgage that I'm not able ...