current 2nd mortgage loans guide

Your 2nd mortgage loans Guide

Recent blogs on this topic:

Resolved Question: If I try to buy a house, will adding a 2nd person as co-owner help me get a bigger loan?

I am a first time home buyer looking to buy a house in the bay area of California. I plan on using FHA for the 3.5% down. Based on my income, I can only qualify for a loan around $190,000 I believe. If I were to partner with my dad, for example, and we both applied for the loan together, would I be eligible for a bigger loan? My dad would not make any payments--he would just be part owner if it helped me get a bigger loan. You might be wondering why I'm trying to get a bigger loan if my income won't allow for it; I plan on renting out half of the place so I can then afford the mortgage. So I have two questions: - Would FHA still consider me a first time buyer, since my dad is not? - Would I qualify for a larger loan, since 2 people would technically be financially responsible for the payments? Thanks in advance! -Chris Thanks Judy--when I say a half rental, I mean that I would be living in the house full time and would rent out one of the bedrooms to help cover the monthly mortgage. Do some lenders not allow that?

Voting Question: What can be done if my mortgage servicer doesn't provide me with a correct monthly statement.?

Our loans are being serviced my Litton. We entered into a payment plan with them on both our mortgages. In March of this year, we closed one of our checking accts. (The one we paid online with). With our new checking acct., we paid our mortgages, but the new checking acct. info didn't carry over to our 2nd mortgage when we paid it, so it tried to pay from our closed acct. The next day, when I saw that this wasn't deducted from our new checking acct., I went online and figured out what had happened, and paid it with the new checking acct. It was still before our due date. Well, Litton just informed me Friday that our payment arrangement on our 2nd mortgage was cancelled due to the NSF, despite the fact that it was still paid on time. On our most recent statement, and looking at this account online, they are not providing me with any transaction history. Are they in violation of any lending regualtions, and can I use this to have them reinstate the payment plan. We have been making our payment plan payments regularly, and we didn't receive any notification from them that they had cancelled the plan. I know this was long, so thanks for reading this.

Resolved Question: How do I get a loan by taking out a 2nd mortgage on my home?

I need a loan, so I have decided to take out a 2nd mortgage on my home.. How does that work? and how long does it take to get the funds? I have never does this before..

Resolved Question: 2nd mortgage taken out to buy my house, if i go in to forclosure can I be sued?

I bought a home with an 80/20 loan, I used a 2nd mortgage as a down payment. If I go into foreclosure can I be sued for the 2nd mortgage? I heard that since I took it out to buy the house I can not be sued for it by the bank. I live in California. Also what can I be sued for?

Voting Question: What percentage of the loan amount does a bank usually accepts from a short sale?

We are down the road in the short sale process, having submitted all of our documents and spoken with the person in charge of our account. We will be short on the 2nd mortgage for our home...and from the sale, can only pay back about 12% of the total loan amount. We contributed a small amount to get the total up to 15%, and they said it wasn't good enough, that we need to contribute more. They want something closer to 40%. What are my options here? Technically I can foreclose, and they will get nothing. Or, I can work with their "recovery team" and then who knows what I will end up paying. Please help.

Resolved Question: Can I Bankruptcy to be rid of a house I cannot afford, but still keep my car?

I refinanced my house through Ocwen in 2002 just before a major surgery to help with cost that I knew I would incur during the no work time. They told me one thing on the phone and when it came to signing, the paper work was nothing like what they offered me on the phone, but at the time is was only one week before surgery so I went ahead and signed. Since then I struggled and finally last year I was able to pay off my 2nd mortgage and all credit cards. The only bill left was the mortgage, since I paid off my vehicle the year before. November of last year I was in a bad car accident that totaled my vehicle. After receiving the check from the insurance company I purchased a used 2008 Dodge Advenger for 15,000 with 6,500 down on a 36 month loan. (Trying to stay debt free). Well December comes in and on the 2nd I was informed that layoffs would begin that week and sure enough two days later I got the call not to come in. This was a big surprise, since my company received records profits just the quarter before. Anyway I feel really bad, but I just cannot handle the mortgage payments anymore and I have tried everything to get the mortgage company to do something. They say I do not make enough for them to be able to help me. I am currently spending three hundred every month more than I am bringing in. My savings is now gone and starting to use credit cards again. And at this point I have a good chance of getting a job outside of Michigan, but if I do get the Obama modification I have to stay here with no hope of a job. Things just look worse at my company each month. Will I be able to keep the car even though there is some equity in it? And can I let the house go this way with no reprecussions? I feel bad, but I also feel they took advantage of me when I was in a bad situation. And I have had the house on the market for over three years with not even a glimmer of hope. Thanks in advance for any and all advice. For those who like to talk down about people that file bankruptcy I pray you never find yourself in this situation. Current situation: House owed 99,500 value about 105,000 Car owed 7,000 value about 15,000 (kbb)

Resolved Question: If I am current on my 1st mortgage loan but default on my 2nd loan ..can the 2nd lienholder foreclose on my ..?

home? The 1st mortgage is current I owe them $250k. The property value is only $215k. The 2nd lienholder are "private investors"; and they have sent me a trustee sale notice which has no opening bid. I matched the recorders office instrument # and it belongs to another property which is not even my property! to me it seems like they are faking the notice of trustee sale becuase it is not recorded? I have been getting advice out there and Ive been told I can file a bankrupty ch13. What to do ? help? Can they foreclose even though my 1st mortgage is being payed current ? and plus there is no equity? ps I stopped paying because I couldt afford to pay these private investors anymore an interest rate of 13%. also the property is in California, LA county

Voting Question: What are the ramifications of missing a couple payments on my 2nd mortgage?

I have a 1st mortgage and a 2nd mortgage. My payments are about 45% of my income. I recently tried to get a loan modification on my 2nd mortgage but was told I didn't meet the requirements because I reported the voluntary money my son's father gives me monthly. I am trying to get my finances in order to rely on my income alone, since the money he gives me could end at any time. I am not in the process of making sure the money he gives me does not show up on my bank statements and I will try the loan modification process again without revealing the extra money. I have also noticed that the people not making their payments are getting more help and faster. What are the ramifications for me if I stop making a couple payments on my 2nd (but still put the money aside) to get their attention? Every month I play the game of what bills to pay and what not to pay while trying to provide for my son and me.

Voting Question: Is it possible to get a home equity loan or 2nd mortgage......?

Is it possible to get a home equity loan or 2nd mortgage with a poor credit score. The one thing we have going for us is that our house is completely paid off. We have no credit cards and our vehicles are also paid off. The only debt we have are some medical bills that we are making payments on which is around $2500. My wife and I are both employed and make decent income of around $6000 monthly. We just have some things coming up to where we would like a loan for around $15,000. I think our credit score is around 590 :( . (We ran in to some difficulty when I lost my job and had a baby born with a disability and medical bills piled up). But with that much equity and such a low score would there be a loan company that would work with us? Would our local bank be able to help or should I check around on the net that specialize in bad credit loans? Any recommendations? Thanks! Thank you all so much for such great answers and some great explanations! Our original loan for our house was over 10 years ago so I don't remember much about how all of that loan stuff works. We have never checked in to a equity loan so I know nothing about them except for some research on the net. I think I'll start with my local bank and go from there. Thank you all! Danity......I have no idea what you meant by your answer! One more quick note. I was not working for quite some time due to a back injury that ended in surgery. I have now been back to work for a little over a year now though. My wife has been a teacher for 12 years. So, we had a 2 year span to where our credit went down the drain but the last year have been on time with what little debts we do have. I was also thinking it would be difficult to raise our credit score without having any credit out there. Maybe starting with a credit card and just using it for small purchases and paying off the balance each month would be one way. I was also thinking with the equity loan would really help rebuild our credit with timely payments. My son needs some extensive dental work and that is why we are wanting a equity loan to pay for that and other services he needs due to his disability.

Resolved Question: What is the best way to improve my spouse's and my credit rating.?

My wife and my credit rating is poor being around 590. What is the best way to improve our score? I know paying all our debt on time but currently we have no debt except for a few medical bills we make payments on. We have not credit cards. I house is paid off and valued at around $135,000. We it help to get a home equity loan or 2nd mortgage just to have some debt out there that we can make timely payments on to improve our credit? I guess I'm wondering how we can improve our credit without having any type of loan or credit cards to make timely payments on. Any suggestions would be greatly appreciated. Thank you in advance for any comments! I was also leaning towards equity loan to help pay for some extensive dental work my son needs. He also has a disability and we continually have bills towards getting the extra help needed for him to succeed. We do have our house paid off so we have a lot of equity in it. It's valued at $135000. Making a payment would not be a problem as we both work. I am a union boilermaker and she is a teacher so we make a decent income. We just got ourselves in some credit problems when I was injured and wasn't able to work for a couple years. After redoing our budget we can easily afford a loan payment of aprox $1500 a month so even if it has to be a bigger loan due to having our house paid off we can easily afford it. Hearing this would this change any comments that were made? We also have our 2 vehicles paid off and do not currently need new vehicles.

Resolved Question: I have a 1st and 2nd mortgage should I refinance into one?

My 2nd mortgage will be paid in 3 years, I have been paying an extra 100.00 a month to get it paid off quicker. Would it be wise at this point to combine the two or wait until I pay the 2nd off.even though the interest would be a lot less to combine them. If I combine the two it will make my value close to the total loan and will take years to build up equity again. I am worried if something would happen to me that my daughter would get stuck with a mess if the house could not sell for what is was worth if I refinance to save interest now. I keep thinking I would be better off to wait and refinance later on just the 1st so I would be refinancing and also havin equity in my home because I would not be borrowing less that what the house is worth.

Resolved Question: I asked a question on getting a loan and have received 5 or so answers that.....?

Tell me to contact a person with a yahoo email address and say they got a great loan with a 2% interest rate. Does this seem like a scam? Here are some of the replies.. "I am Joy Anderson i was in need of a loan of $100 000 USD and was scammed by those fraudulent lenders and a friend introduce me to Mr John clarke,and he lend me the loan without any stress,you can contact him at clarkeloanscompany12@yahoo.com" "I applied and was approved for one of your loans yesterday and I wanted to write and tell you about my experience. My loan agent, Mark M. was amazing! He handled everything very professionally and quickly. He was extremely patient, helpful and very courteous at ALL TIMES. There was NO STRESS or pressure what so ever. He walked us through the whole procedure and made sure we understood each step before moving on to the next one. I ended up having to call him back with a correction and he took care of it immediately. He was just a true joy and I just can't say enough. I hope you will give him the recognition he so deserves because it has been a very long time since I have had wonderful service like this! This was a totally stress free and wonderful experience! here is there email, john108023@yahoo.com.hk Thank you Mark!! Yours Truly, T Matthews Sr." Here is one from him himself..... "I am Mr. John Clarke, a Reputable, Legitimate, Certified, Reliable & an accredited money Lender. I loan money out to individuals and corporate bodies in need of financial assistance. Do you have a bad credit or are you in need of money to pay bills? I want to use this medium to inform you that i render reliable beneficiary assistance as I'll be glad to offer you a loan at 2% interest flat rate. What did your bank say concerning having a loan from them???? Don't feel disappointed if they refuse granting you a loan. I hate what the banks do when customers/consumers are willing to lend money even with collateral and valid documents. I look forward permitting me to be of service to you. Send me an- E-mail me by replying to my email clarkeloanscompany12@yahoo.com and I'll do my best to help you out in your bad finances situation. Regards, Mr. John Clarke." It just sounds fishy to me. I'm looking for a home equity loan or 2nd mortgage to help pay off some medical bills and for some extensive dental work for my son. Would also like to have some in savings for emergency. My wife and I have a low credit score due to a injury about 4 or so years ago and not being able to work. Most of our income go towards helping our son receive services to help him succeed as he has a disability. I am now back to work and my wife continues with her job as a teacher. We also have our house paid off in full and have no credit cards. The only debt we have are some medical bills. It just seems weird how some people have replied with a few different email address about this guy in my other questions. I guess if I read the paperwork thourougly and have a attorney look at it I should be alright if legit, correct? Thanks for the answers. I emailed the person with a email address I just created. It is someone from nigeria asking info such as name, address, phone number, and ssn if applicable. It is a total scam for sure. I also read other questions on here similar to mine with the same sort of responses. If it sounds to good to be true, it usually is! That's kind of what I figured but thought it was worth asking. I'm going to talk to my local bank, explain my situation, and hopefully they can help or point me in the right direction. Thank you everyone! The name of this guy's company is... Clarke Loan Firm located in Nigeria. Millions of spammers from there! Here's a link to my original question if anyone is interested....... http://answers.yahoo.com/question/index;_ylt=AlrCA7GWy7HTSNzeEl7kTHvsy6IX;_ylv=3?qid=20090611233627AA801O6

Resolved Question: My wife and I are wanting to get a home equity loan. The one big problem we have is....?

The big issue we have is that we have bad credit due to myself getting injured and not being able to work for a few years. Also, right before my injury we purchased a house, had a baby that had a disability so medical bills added up, and we had to file chapter 13 about 4 years ago. We purchased our house in the year 2000. Our house is paid off as we more than doubled payments and put extra money we had at the time towards it while we were both working. Our bankruptcy was discharged over 3 years ago. We currently have no credit cards, no auto loans, and no 2nd mortgage or equity loan. The current debts we have are some medical bills with some in collection. Our credit scores are around 590 which I know is very low. We are wanting to get a equity loan or second mortgage to help pay for extensive dental work our son needs and also to get him extra care such as speech and occupational therapy that insurance does not cover. Our house is worth around $135,000 which is paid off. Is it possible to be able to get a home equity loan or second mortgage with such a horrible credit score? My wife is a teacher and I am a union boilermaker now so we do make a decent income. I'm also thinking but do not know for sure that a loan will help improve our credit. Since we have no loans or credit cards I don't see how we could improve our credit which is one of our main goals. We just want to get back on our feet but has been difficult with all of the money we spend to help our son which is our number one priority. Also, if anyone knows of a certain loan company that would work with us that would be great. Making the monthly payment would not be a problem now that I'm back to work. We have been paying off the medical debt quite quickly now but just do not want anymore to go to collection. So I guess my question boils down to will it be difficult to get a home equity loan for around $20,000 or so with our house being paid off and no other debts with poor credit? Thank you so much for your help in this matter. I just think this could get us back on our feet and improve our credit. Any help is greatly appreciated! Thank you all for the wonderful replies and links! Love Presley..Do they accept borrowers with poor credit. In my question I did mention we have poor credit for reasons mentioned above. I have now been back to work for over a year as a union boilermaker and my wife is a teacher so we do have a steady decent income now. We just need a way to help get our medical debts paid and are hoping a loan will help improve our credit since we currently have no loans. My son also needs extensive dental work on top of speech and occupational therapy so are looking for some extra money for that and some to put in savings for emergencies. Thank you all for being so kind and not judging. I am quite embarrassed for the situation we are in! But my son is number one in my life and will do anything to help him even if it means spending my last penny for that extra speech class! I'm not saying we are bad off, just need a way to get back on our feet and improve our credit and think a equity loan will do it To Stan C, Will my local bank be able to help someone with poor credit. It seems they are far and few between. The one thing that I feel will truly help even with a poor credit score is that our house is paid off in full. Estimated value I'm guessing is around $135,000 and we are thinking of trying to get around $25000. I have heard that if your house is paid in full the minimum you can borrow is $50,000. If so I guess I could just put half of that back towards the loan as long as there is no early payoff penalty. Could you please give me your thoughts getting a equity loan with poor credit with our house being paid off in full? Thank you kindly Sir!

Resolved Question: Should I quit my job so I qualify for Chapter 7?

I work for a non-profit who is really struggling because of the economy. I am certain that the CEO will have to layoff some of the staff off in the coming months. I am not too worried about my job, however I am thinking it wouldn’t be the worst thing if I were to lose my job. My husband and I lost our house to foreclosure a few months ago. We had a bad loan and ran up a lot of debt because we could not afford our mortgage without using credit cards to pay for everyday expenses like food and utilities. Now the 2nd mortgage has sent us a collections letter for the deficiency of $96k. We were planning on seeing a bankruptcy attorney this week, because at this point our credit is already ruined. But, because of our combined income, we do not qualify for Chapter 7 and would have to pay a chunk of our debt back anyway. I was thinking maybe I could voluntarily resign from my job. If I am not working I will have more time to go back to school next semester, full-time. Money will be really tight, but we are living with my mother-in-law right now so we don’t have any rent to pay, just some of the utilities. In six months we can revisit the bankruptcy option and then we will qualify for Chapter 7 with my husband’s income alone. Here are some numbers: We owe about $24k in credit card debt alone. I will net about $14k in the next 6 months. Is it even worth it? Please don’t judge me, I don’t need any rude comments from anyone. Yes, I realize that I am posting my dirty laundry online, but this is not my whole detailed story, just enough info to maybe get some much needed advice. Thank you in advance.

Resolved Question: How do you know if you need to file for bankruptcy?

I really don't want to do this but maybe I have no option. I make $150,0000/yr. 1st mortgage+Taxes: $1950 2nd mortgage: $1150 Student loans: $1000 Credit cards/Personal loans: $1600 Car Payments: $753 Do I have any other options? I just need to get rid of the credit card debt and the cars and I think I would be fine. I have 1 year left on my wife's car of $343/mo. I might as well pay if off. My car has 4 years left with $410/mo. I don't know how I could sell unless someone is willing to spend more than the cars worth.

Voting Question: How can an underwriter deny a loan based on inadequate collateral when the appraisal was good?

I recently applied for a mortgage thru a mortgage broker. I am a first time homebuyer with perfect credit, plenty of cash, etc. The underwriter denied the mortgage based on inadequate collateral. The purchase price of the property is $365,000 and I have had 2 appraisals, one at $365,000 (I had this appraisal done independently) and the 2nd at $370,000 (used by the underwriter). I locked in at a rate of 4.625 before the rates took a jump. I cannot think of any reason the loan was denied other than the underwriters are trying to get out of the rate lock. I will never use a mortgage broker again that deals with MGIC. Why they have anything to do with the mortgage I do not know, considering I am coming in with 20% down. My broker is now shopping around, however I was set to close on June 16th. I never imagined this being an issue. Also, there is no chance I could get the same rate from another bank at this time. I told my broker to go back to the underwriter and ask how much additional downpayment I need (beyond 20%) to satisfy them. I still haven't heard back. I have had no change in employment or income. The appraisal did state that values were declining...where are values not declining? The purchase price is already $70,000 below tax assessed value (15%). The house is mid-range for the neighborhood, and there are currently only 2 other houses for sale in the same neighborhood. The market in this area is more stagnant than declining, which is confirmed by statistical data. Thanks to everyone for your thoughts. What documents can I request from the mortgage broker and underwriter to ensure everyone was playing by the rules?

Resolved Question: Is it a good deal for loan Modification?

My lender has approved my loan modification application. They are saying workout loan a 40 due in 7 balloon with impounds @ 4% with alternative payments for 24 months. What this means is your 1st and 2nd mortgage will be combine into 1 loan @ 4 % for 7 years and amortized over 40 years the balloon note comes due at the end of 7 years . The alternative payments will be Interest and Impounds only for 24 months. If you choose to accept the offer please let me know by responding to my email and I will have your loan assigned to a 1st mortgage processor. Could you please tell me is it a good deal? or do i need to contact any attorney so they can reduce more? Please advise me. I asked them to make it 3.5% for 40 years fixed and do not need 7 balloons but if I have not accepted this then they will short sell my home. I was paying as below Purchased price and year - $405,000 in Year May 2004 Current FMV - $306,000 First loan Balance - $296,000 at 4.5% (till June 2009)(30 YR 3/1 ARM) Refinanced in year 2006 2nd loan balance - $110,000 at 7.25% fixed for 15 years

Resolved Question: Can the bank that forecloses my home come after my 2nd home?

My wife and I are going through divorce. Our home is under both our names and the monthly mortgage cannot be paid without a dual income. I'm trying to work with our bank so they can modify the loan to where I can stay in the home and make the payments on my own, since she will be out of the picture shortly. But if the bank can't help me, we will be forced to short-sale or foreclose on the house. My thinking is if I can buy a new home that I can afford on my home before defaulting and foreclosing on our present house, I won't have to wait five years before being able to buy a new home due to a bad FICO score. What do you think? Will the bank try and come after the new home to recoop their losses? I live in California and am not aware of the real estate law here.

Voting Question: What is considered a non-recourse loan?

I live in CA. HELOC was established as purchase money to finance my mortgage at 100%. So, I have 2 mortgages-1st & 2nd. Is this HELOC then considered as "non recourse" loan if i foreclosed my house?

Resolved Question: I've received an alert from credit agency that I owed 12K?

I have first and 2nd mortgage with Countrywide and they have approved a short sale, escrow closed 792008 with a letter from their Negotiator they will not pursue any deficiency judgements and also received a reconveyance letter that both loans are paid. Now, I received an alert from credit agency stating I owed $12k from BAC Home LNS LP/Countrywide, they have used the account of the 2nd mortgage and I don't understand it. They have put the same address as CW, please advise. Your help is greatly appreciated.

Resolved Question: Foreclosed but 2nd Mortgage Still Billing and Destroying My Credit?

A foreclosure in the State of: CA I purchased my home in 2005 for $405,000, but a year later transferred for employment purposes. After trying everything from working with a realtor, short sale companies, deed in lieu, loan modification, etc., we could no longer afford the mortgage payments in a house we no longer lived in. We had a 80/20 that eventually ended up in the hands of Countrywide and SLS. In Feb. 2008, our home foreclosed and from what I understand, it was purchased by Countrywide for $270,000. My questions are: 1. Since they purchased it at a loss, my guess is they didn't share anything with SLS right? Is there a way to find this out? 2. SLS is still billing us over a year later. Can they do this since we no longer own the house? 3. My credit score gets lower each month that they report me delinquent. I had a FICO of 777 when I purchased the house, and last I checked, it is in the mid 500s now. (and keeps getting lower). Is there anything I can do to get them to "write me off?" I don't have much income, but could they garnish wages? 4. Is bankruptcy my only option? All of my other debts are paid off, (aside from 100K in my husband's student loans). So I'd like to avoid bankruptcy, and start rebuilding my credit. But it seems like each step I take, the delinquent 2nd drives me 3 steps back.

Voting Question: can i sell my house to a rent back company?

hi i'm in trouble, I have a mortgage for £115k and the house is valued at £150k. My partner has a business loan secured as a 2nd charge on the house for £96k. Can i sell the house to a rentback company, pay off the mortgage lender and give whatevers left to the business loan, then rent back my house so I dont lose the house? what would happen with the rest of the business loan??

Resolved Question: Cross Collateral Clause on 2nd Mortgage?

Just wondering if anyone knows. I had a 2nd mortgage in 2005 and an auto loan in 2006 with the same bank. *IF* there were a cross collateral clause that if I defaulted on one loan they could come after the assets on either loan - - which loan documents would have the clause - the 2nd mortgage or car or both?

Resolved Question: Can i refinance my second mortgage?

my second mortgage is a 15 year conv. 2nd balloon at 8.6% 53k i owe 290k on my 1st loan at 5.75%(30 year) i dont think i will remain in the house more then 10 years, so i dont think its worth to refinance both loans together and if i did my ltv will be too high. my house would appraise for around 380k and thats about what i would refinance for. my bank (countrywide) doesn't refinance 2nd loans anymore so they say. any suggestions?i still owe 27 years on both loans.

Resolved Question: moving house (2nd) -need advice?

i bought my current house for 110.000 in north east england-semi detached 2 bed. I put 15,000 deposit down and got the rest in mortgage. hopefully will sell it for 120,000/115.000 as we got it at a reduced price... i have seen a 3 bed detached house 175.000 which i am very interested in. me and my fiance's total income is around 44,700 per annum. i am wondering if anyone with experience of this or in this profession can help me, would i be allowed this mortagage? all my payments have been paid on time and we do not have any other outgoings, i.e. loans or anything. so my credit rating should be good, right? i have not put my house up for sale yet as we werent really planning this but have fell in love with this house that seems a really good price for the size. i am planning on making an app. with mortgage adviser but would rather have some info first. (my parents helped us with the 1st house thats how we had a deposit last time). Also how much money do you usually need up front to pay for solicitors fees, valuation fees etc?i cant remember how much they were last time.Any advice would be gr8. hope i've gave enough info this time :-)

Resolved Question: 2nd mortgage charge off, foreclosure?

Both of the loans are with washington mutual. (purchase price 578k) 1st loan is on the trial payment with obama plan. (balance 414k) 2nd heloc (balance 150k) was late 150 days, receive a letter from recovery dept saying that if I don't call back it will go in to collection agency. Will my home go into foreclosure because of the 2nd loan charge off? I pull some money from the heloc long time ago, will they put a lien on the title when I try to sell the house later? I am struggling to make payments now as a car salesman. Any input is greatly appreciate. My home worth about 380k

Resolved Question: Is it worth keeping my mortgage? or should I just let go? Short-Sale or Forclosure......?

I have an 80/20 mortgage, 1 with Countrywide with 6.5% interest only for $430K interest will adjust in 2014 and a 2nd with 7% fixed for 30 for $120K. (2nd was not a cash out or refi). I'd like to keep my hse and finish paying the 30yrs. All I'm asking is for CW to fix my int for 30yrs. But they won't do it. And I know in 5 yrs I won't be able to refi. My house is now worth $350. I'm scared that if my interest starts to flactuate, that i'll loose my house anyways. Should I wait and gamble or should I default now (I'm still current) and hopes that CW will modify my loan and if they don't just to let it go? Had my house for 2 years. Thank you for your advices... Sometimes advices are better coming off from strangers........

Resolved Question: What can I do if an individual won't release a paid in full mortgage on my property?

We own an investment property. We obtained a loan from an individual 5 years ago to start our own business in which the individual used our investment property as collateral and filed a 2nd mortgage on it. We paid the 2nd mortgage off in full 9 months after obtaining the loan, and the individual refuses to file the release of mortgage, there are no other penalties owed to him etc. He is also the landlord on the commercial space we rent for our business, and he likes having the mortgage lien on the investment property as insurance he will get his rent every month. Rediculous! We are now trying to sell the investment property and he has caused us to lose one buyer because of the title issue, by some miracle we have another buyer, does anyone have any creative ideas other than a lawsuit in civil court? This guy is not a brainiac, but he does have a decent lawyer, everything he owns is in a trust and the mortgage was funded out of that trust. There just has to be a way to force this guy to do the right thing and stop using these mafia tactics to push us around. Help!

Resolved Question: Modifying 1st mortgage before bankruptcy auction date-does 2nd home equity stay discharged, or is it activated?

My daughter and son in law have gone through chapter 7 bankruptcy in Oregon. They had a 1st and a 2nd mortgage (which was a home equity loan). There is an auction date set for the sale of their home, but their first mortgage company is giving them the opportunity to 'save' the home through a loan modification before it goes to auction. My son-in-law has had recent employment and there is a slight chance they could stay in their home if the details are worked out. My question is this; can the 2nd mortgage (home equity-different lender) come back and lien the house? Or worse yet, foreclose even though the 2nd was discharged during bankruptcy? My daughter doesn't want to bother with modifying the 1st if there's a big chance of the reviving the 2nd. This is in the state of Oregon, but maybe the laws are the same in all states. Thanks for the input!

Resolved Question: Foreclosure Court Documents Question?

I got the court documents over the weekend - I am in New Jersey - and I have a question. I am making up my name here. The defendants list says: "Mary Smith; Mr. Mary Smith Husband of Mary Smith; and XYZ Credit Union". XYZ Credit union is the bank that holds a home equity loan against the house that is being foreclosed. I purchased the house 9 years ago on my own. I lived in it until last year when I lost my job and moved out of state to get a job although it was at a huge pay cut - - after moving out I got married, so my husband never lived in the house or had anything to do with it. I don't understand why the 2nd mortgage bank or "Mr. Mary Smith" are named as defendants along with me on the court paperwork. I don't want to object to the foreclosure, but I am going to have a HUGE problem with my now-husband being dragged into this mess. I depleted my 401k account trying to keep current on the house until I could find a buyer - which never happened. I have no savings, I make $24k per year less than I did when I bought the house. I live paycheck to paycheck now. I thought that just letting the house go to foreclosure would let me get a fresh start. I will be calling lawyers today, but I wanted to ask others for some help or advice. Thank you, The house is not in a community property state and I do not currently live in a community property state.

Resolved Question: Mortgage Application hit 50 points lowered our Credit Score?

My husband and I are in the market to purchase a house right now. We applied for the loan 2 months ago. 1st loan was declined unfortunately which happened about 3 weeks ago. Our broker tried 2nd one and we are approved last Friday. So it took us total of 2 months to be approved. I saw some posting on this website, if this loan process or so called "Shopping around rate" takes more than 14 days, credit score would be affect. Yesterday, my huband and I went to the place to buy a product and they checked our score. Both of my husband and mine were down by 50 points. I checked our credit score report this morning but the score was not down by 50 points. I do not know which score is correct, but is it possible that our score may be down by 50 points just for this mortgage application??? (Our broker told us they would not distribute our application to every banks there is. Just go one by one)

Voting Question: Should I refinance my mortgage?

I purchased in 2006 for 74000.00 in Cleveland Ohio, A year later I took out a Equity Loan of 15000.00 to pay for new windows, paint job, and furnace/air conditioning, energy efficient appliances, and wiring updates. My current rate is 6.5 on a 30 year fixed conventional. I went to my current loan institution recently and was told that the current rate was about 5 percent now, but was told that I could not do a refi with my current backer with was Fannie Mae due to the big mortgage crisis they have gone through. So it would be a total refi and would then get slammed with closing costs. However they told me that I would have to combine the 1st and 2nd mortgage(home equity loan) into one, and that would put me at a greater then 80% loan to value, which would require me to carry PMI (mortgage insurance). When it was all said and done, i would be saving roughly 30.00 a month on my current bill???? If i didn't have to carry PMI it would be about 100.00 in savings a month? Have things changed again, should i retry this attempt. Should i get an appraisal, cause he told me my home would have to appraise for 103,000 to not have to carry pmi. I believe my home is worth every ounce of that, but the current market might not! any help would be appreciated.

Resolved Question: Should I let my 2nd Mortgage Charge off?

I obtained 2 mortgages with Chase when I bought my home. For reasons beyond my control, we've been behind on payments. I am working out the Making Home Affordable Obama plan on my first mortgage which will allow us to make payments that are affordable, however my second mortgage is not eligible for the plan. I have tried on 6 separate occasions to modify both of my loans through Chase, but each time they "lose" my paperwork or they never receive my faxes, or its been referred to a new department and they don't transfer documents between departments. Today I called to follow up on the modification of my 2nd (just last week I verified that it was being reviewed) and now they say I have to resubmit again. If I don't it will be charged off because I am 5 months behind, but I can make payments to keep it from charging off, but it will take 3-5 months to modify (which I don't trust that it will ever really go through because of the crap that they've put me through in the past). It will put me further behind if I try to make payments during the modification. Should I just let it charge off? I'm not interested in sparing my credit as its already in the 400's and we plan to stay in this house for many years. I'm thinking I can either settle with the collection agency or work out a payment plan (or I can wait and settle once we decide to sell the house). Right now I've put myself on a budget so that any extra money will go in a savings to settle my credit card debt (I have stopped making payments to them) and I can just continue saving for a settlement for this as well. I'd rather not claim bankruptcy. I am current on my car payment and 1st mortgage. Once I settle my credit card debt, I plan to put all extra money toward paying off my car, then I will be free from debt and able to rebuild credit.

Resolved Question: I feel like I am loosing control of my life.?

Lately I have been feeling sick to my stomach (and actually have been), headaches all the time, not sleeping well, and absolutely drained. I have a lot on my plate right now and it’s been that way for a while. I work 47+ hours a week and I’m currently taking 16 hours of school (5 Classes). I just recently was informed that I will no longer be eligible for Fin Aid because I made to much money (which is funny because im considered poverty level). I cannot afford school so I might have to drop out. I own my own home and between mortgage and bills money is really tight. The end of the year is coming up so that means FINALS. I am stressed out and over whelmed. I have to come up with a ton of money by May 2nd in order to go to school in the summer. The economy is depressing and a student loan is hard to come by. I have been having panic attacks about paying for next semester because I do not have 20,000 dollars to pay for tuition. I feel like my future is doomed and that I will be stuck living pay check to pay check for the rest of my life. I have been having really sharp chest pains and hiccups all the time. I’m thinking I should see a doctor but I do not have insurance. I do not even know what a doctor could even do for me other than say that sucks. I have always been one to plan ahead and set goals. All my goals feel out of reach and I do not see a light at the end of the tunnel. Please help. What can I do? I just feel like crying all the time and not getting out of bed. Work is stressful especially pulling dbl's at least 2 a week. I have only been getting one day off which that day is spent doing homework. I know it may not seem like the end of the world to most ppl but it sure does to me. I am becoming anti social and have been breaking out (zits) really bad. Any suggestions would be great. Thanks Also, School is my world and my parents do not have any money to give me. I have already talked to them and they both feel really bad. I know if they had it they would give it to me with no questions asked. Sorry that was alot.

Voting Question: Obama's Home Loan Plan?

So based on what I have read regarding Obama's home loan program, a lot of people are going to be saved!!! This is a good thing. However, I can not find anything that talks about if a homeowner already got a loan modification accomplished, whether it was 1 month ago, or 6 months ago, if they will be eligible for the new plan. For example, i did a loan modification on both my first and second loans. my home is not even worth what I owe on my first mortgage, let alone the additional $130,000 that I owe against my 2nd mortgage. So why bother paying the 2nd mortgage? I dont get it. I read on one website that the new plan is going to give lenders incentives to "extinguish" 2nd loans where the value is so upside down, like myself. But I dont know if I will qualify since I have already done a loan modification like 1-2 months ago. Anyone out there know the answer to this?

Voting Question: Why 2 different loans?

This is going to be a silly question, and probably something I should have insisted on understanding better at the time. When my Hubby and I bought our home we were approved for $220,000. We bought a home for $205,000 and have a 10% down payment which we had saved up. This was in 2006. Yet when we did the mortage the mortage was split into two parts. The primary mortage far $160,000 and then a HELOC for the last $25,000 we owed. I asked WHY we needed the 2 loans if we had been approved for the $220,000 which we were well under. The mortgage broker was somewhat confusing in his explanation. They basically said we were not allowed to get the full amount all into one loan. That the 2nd loan was to pay for something yet did not explain what. We recently paid off the HELOC in it's entirety. I never understoof at the timr why we couldn't get just one loan and since Hubby and I will be looking to move next year want to make sure this was not just some sort of scam from our broker. What was the purpose of the 2 loans? I am looking to understand things better then i did with our first home. Can someone explain what possible reasons there were for pretty much forcing the division of the mortgage? Thanks!

Resolved Question: Tax Pro Opinion - Foreclosure/2nd Mortgage Issue?

I can't find anything about this situation. My house has a 1st and 2nd mortgage (Home Equity Loan). The Home Equity loan was used for repairs & updates on the house so I've been claiming it all along on my taxes (the interest payments). The house is going into foreclosure. The main mortgage is FHA insured, but the 2nd mortgage is not. I make just a little too much to be eligible for Chapter 7 Bankruptcy, which is the only way to totally discharge debt. I could do Chapter 13 (or maybe it is 11), but that is just restructuring and paying back what is owed. The 2nd Mortgage bank is willing to work with me on lower payments and longer payback time and they know the house is foreclosing - which would at least avoid lawyers fees for them & me. I'm just wondering if anyone thinks there is any chance at all that those payments could remain tax deductible (the interest portion) after the house has foreclosed and I am no longer the owner of it. The loan WAS for my home and the funds WERE used in accordance to the rules which have made it eligible for tax deductibility. What are your thoughts? Am I dreamin'?

Resolved Question: how does a loan work that says it is a 360 month term but requires balance payed in full at 15 years?

I was looking through my loan documents and it says that my 2nd mortgage, which was part of the original loan given to avoid PMI, is a 360 month loan but after further research finding out that I have to pay any balance that is there at the 15 year mark. How does that work I am very confused about that? Thanks

Resolved Question: Why would co-signers on house loan ask us to put 2nd mortgage on our house?

ok so my husband and I just refinanced our loan in October and still needed a co-signer.We just do not have that great of credit yet. But, we have decided we want to move and rent again, found a better house Of course we wrote out a contract to cover ourselves and our co-signers asked if we would sign something stating that we wish to take out a second mortgage on the house. Long story short why would they ask us to do that? please do not be rude about it....

Resolved Question: What are the things I need to know regarding the federal mortgage changes. We are wanting to refinance?

to a lower rate and found out today that our mortgage has been purchased by Fannie Mae. To refi is there a set closing cost/fee? We are wanting to deal with Chase and the lady there just told me she won't know anything until May 2nd because our mortgage isn't with them currently. Does anyone know if this is going to cost a lot of money to refi? Last month we were going to do this but chase wanted 7500 (had to buy down points) and 3500 for closing as well as an additional 100 a month pmi which we currently don't pay. I thought the new deals were to help people get out of the hole a bit so I didn't expect so much charged to do this. We currently have a 6% fixed interest only payment but want out of it before it balloons. We are not asking for lower principle or trying to get out of a loan just want lower rate. We were one of the families that were lied to who had a variable and were told it could only go up a limited amount in a year and our 3rd month the payment went up $800 so we took this current one in desperation. We are not behind on payments and pay a bit extra every month. We currently owe 193K, our payment is 965 a month, we do our own taxes 3000 annually, 800 home owners and our home just appraised for 230K. Any idea what we may be looking at?

Resolved Question: If my second mortgage is charged off, can I then put it into my Chapter 7 bankruptcy?

I have had great financial difficulty this past year, and have fallen behind on many of my obligations, due to drastic income loss. I was behind on my 2nd mortgage, and was trying to work out a loan modification with them, when I called today to find out the status, they informed me that my loan is now closed and charged off. I think I understand what that means, that is a banking term and I am still liable for that debt. My question is; is this debt still a lien on my home, and if is not, can I file it in my chapter 7 bankruptcy? The bank told me that they would not forclose on the home. I have tried to research this, but not finding any luck with the questions I have. I spoke with my attorney, and she said that I would have to file a Chapter 13, or else the 2nd mortgage would forclose...Does any one have any information, or gone through a simular situation? FYI, my home is not worth as much as I owe, so the 2nd wouldnt get their $$, even if they forclosed. Thank you David. Now, do you know if the bankruptcy court will see me as behind on my second? The bank is now not concerned will collecting the late payments, but wants to set up a payment plan with no interest. Can I do that and not include this loan in the bankruptcy? I know I can reaffirm it, but with this now a charge off account, I am not sure how that works.

Resolved Question: denied for a modification on mortgage!!!?

Ok so I was very optimistic about a modification on my mortgage thru the new obama plan. Here's my dilemma in a nut shell. I have a 80/20 thru GMAC and my 80 is at 7.25 and 20s at 8.35. Bought the house in 06 with my now "ex" fiance. In recent months her and I have been havin domestic issues and she decided to move out. As of aug 08 I've been payn mortgage with 1 income and its extremely difficult. When I applied for modification they sent me a letter sayin they denied it because my debt deficites $500 and they got this # thru my credit report. Now this # is includin 2 auto loans in which 1 is mine and other is hers whom I co signed for and she's the one that's responsible for that payment. GMAC informed me to resubmit the financial analysis for a further review with statin that the 2nd auto loan is not my car. If they overlook that 2nd auto loan then my defecits are only $150-200.. Now if I get denied again this is gonna be icing on the cake! For one rates are extremely low and I've tried to refinance my house doesn't have eno value for me to refinance! They have eno wiggle room to help me! Even if they save me 2 percent that's almost $200 a month they can save me! Why are they being so greedy and unwilling to help me? I explained in the hardship letter that if they don't help me I have no choice but to proceed the foreclosure process..my credits 760 right now and I'm a responsible person. 1st off I don't need these bashing comments!! I didn't choose to be in this situation!!! When the house was purchased I did this wit my ex fiance in whom I was with for 9 yrs!! With 2 incomes we afforded the mortgage just fine with NO complaints! Now that she left its hard for just ME to pay for it! I'm only usually $150 short and that's all I want to save!! So for u to say I'm not responsible is unfair

Voting Question: Mortgage Foreclosure Washington State, 1st and 2nd Mortgage both with Countrywide?

I hold a mortgage on a home in Washington State and I am no longer able to afford my payments. I can not afford to sell the house as the loan to value is upside down. The 1st and 2nd mortgage are both with Countrywide mortgage. What am I up against? Does the lender have the right to sue on the note in Washington State? Can they legally take away my non-exempt assets? Has anyone had experience dealing with a foreclosure in Washington State. Any information on dealing with Countrywide mortgage would be particularly helpful. Thanks in advance!

Resolved Question: Do you think I should refinance into HELOC with a variable rate from a fixed 30-year rate? Please see details.?

I have a condo that I bought 2 years ago, 80/20 deal. The 1st mortgage is a 6.5% 5-yr. arm, and 2nd is 9.75% 30 yr. fixed. I have an option of refinancing the 2nd loan into a HELOC with a 5.36% variable rate. I realize it is tied to Fed prime rate, and I was wondering if it would be a smoart move to go for this percentage, and possibly lock the Heloc in some time? Any help would be greatly appreciated! p.s. I am actually trying to sell my condo- what are the predictions, do you think market is going to pick up? If I sell it now, I would have to pay 10-15K out of pocket, which would be hard for my budget... Id market going to get better any time soon?

Resolved Question: Can a 2nd lien holder foreclose when there is a 1st lien holder?

A rather silly question I admit, but I can never get a straight answer from the mortgage companies. I have two mortgages on my home (it was an 80/20 loan). The first lien holder worked out a plan with me. The second lien holder could not work out a plan with me. If the second lien holder proceed with foreclosure proceedings, how will this affect me? Won't they have to get the consent from the 1st lien holder?

Resolved Question: how to take advantage of low mortgage interest rates?

My husband and I have lived in our home for 6 years. when we financed we split our loan (1st and 2nd mortgage) to avoid PMI. Three years ago, I completed my education and of course ended up with large student loans. We refinanced our 2nd mortgage.....RESPONSIBLY to help lower the interest of the student loan rates. After looking into the new low interest rates for mortgages, we are discouraged because of the housing market we are now upside down, and unable to take advantage of these incredible rates. I am wondering if anyone could guide us in a way that we would be able to qualify for the rates?????

Resolved Question: husband just laid off from 2nd job, i'm pregnant, any advice 2 help us while looking for new job? lost $1200/m?

made about $2600/month now down to $1400/month have one child, 18 months pregnant now mortgage itself is $800/month van payment is $250/month vehicle insurance $145/month not including utilities, student loan payment, groceries, gas, diapers, food,......

Resolved Question: Im in a mess and dont know where to turn!?

I have been maried now for 12 years, and on the whole have had a good marriage. My husband has suffered with bouts of depression and ocd which he has had help for. Last year he got made redundant and things have since taken a nasty turn, although he is working now the job does not pay the wages he used to earn and as a result we have gotten more and more into financial trouble. This is in turn has made him more depressed! Im at the point now I cannot take any more, I feel guilty but I want to leave, I love him but he just seems to be on the road to self destruction and nothing i do or say is good enough! We dont laugh anymore, the only time we talk is either about the children or about how things have got so bad for HIM! He doesnt understand that I am suffering too. I try my best to be understanding but I have needs too and they are not being met! I too am worried about our financial troubles but im of the opinion as long as the mortgage is paid and my kids have food on the table then the credit cards and loan will have to wait! Everyday he gets uptight about something the latest being my birthday! I am 30 next week, I have a large family and my parents are paying for me to have a dj and have booked a hall, my best mate is providing a chocolate fountain as a present and another friend has made me a cake! So the party isnt costing any money but he is going nuts, he says he hasnt got the money to do a buffet, I have told people there will only be a chocolate fountain, he says we cant afford to decorate the hall, but Im not bothered about that! All I wanted was to have all my friends and family around me on the day! If we had all gone for a meal it would have cost a lot more and of course not everyone could afford a meal so having a party makes sense, last night he said I was being selfish! I know he is upset because he wanted to buy me tiffany jewellry for my birthday, he just cant seem to get it into his head that im not bothered by presents, but after a shitty year would like to celebrate with the people who have been there for me! he doesnt have a close family and he makes me feel guilty that I have, again he doesnt get it that they are his family too! I know this post probably does sound selfish and I dont mean it to sound like I want to leave over a party, its not that simple there are lots of other things going on at the same time! The other argument he keeps bringing up is the fact that I wanted a 2nd child! He says we were ok financially until I decided to get pregnant with my son! He says over and over we shouldnt have had him! I find this upsetting I wont lie and say I didnt want another baby but we were not trying at the time, he was concieved at a wedding party when we were offered a free hotel for the night, on the day of my cousins wedding as an aunt had paid for a room and couldnt stay, we didnt take anything with us, as we were coming home, so I didnt have contraception, I did say on the night I havnt taken my pill and he agreed we would risk it! So thats how my son came along but now he holds it against me! On the whole he has been a good husband and is a fantastic Dad but I am at the end of my tether! Every evening I dread him coming home as I dont know which hubby will walk in the door! I welcome any suggestions that anyone has, but please dont attack me, I have tried to be honest in my post an dthis is a genuine cry for help!

Resolved Question: Should i refinance my home?

Bought my home 2 years ago for 216,000. I owe about 211,000 on it now, i did a Combo loan 1st and 2nd mortgage, not sure if that was a good move or not. 1st mortgage rate is 6.125% at 162K and second mortgage rate is 8.875% at 54K. If i refinance i have to pay closing cost which will be like 6K, which will put me farther back than what i originally paid for the damn house (216,000) I just got offered 5% with one of those FHA Express loans , not sure if im gonna do it. FHA Express: Rate is fixed. The payment on a $203,000, 30-year fixed rate loan at 5.00% and 80% loan-to-value (LTV) is $1174.33 with 0.875 Points due at closing. Payment includes a one time upfront mortgage insurance premium (MIP) at 1.75% of the base loan amount and a monthly MIP calculated at 0.50% of the base loan amount. The 0.50% monthly MIP will be paid until the loan reaches 78% LTV, provided the MIP has been paid for a minimum of 5 years. Thereafter, the monthly loan payment will consist of equal monthly principal and interest payments only until the end of the loan. Some state and county maximum loan amount restrictions may apply.

Resolved Question: What is the best way to finance a new home out-of-state before selling the current home?

Our current house payment is approx. 25% of our income after taxes. We have 33% to put down on the new loan, and the balance of that loan when combined with our current mortgage will take us to approx. 33% (total) of income after taxes. (it is a much less expensive home in a less expensive area) We will put our current house up for sale if everything goes through with the new home out-of-state, and will either seek jobs in the new area, or start our own business in the new area, so we don't currently have employment in the new area. So- To finance the new home out of state, would it be best to finance it as our new residence in the state it is in? or should we finance it as a 2nd home in our current state since we are uncertain how long it will be before our current home sells and we move to the new home/area? We will be keeping our current jobs until the current house sells. BTW, the equity in our current residence exceeds the amount of the loan that we would take out for the new house, so we plan on paying off the mortgage on the new house when our current house sells. We have excellent credit, if that helps. Thanks to those who might want to respond with "sell your current house first", but we are looking for the best advice for this specific situation as-is. Thank you! Looking forward to learning from you! Sorry for the long post, I tried to provide detail for any questions I might receive. So, even if it is listed as our 2nd home, or vacation home, we would still be considered "investors"? What are our options in this situation? Thanks for your help! AND- are we better off financing in the state we currently live in, or the state we will be moving to, based on the type of financing we choose?