Home > January, 2010
Looking for great info on your home loan, getting a mortgage, or refinancing existing loans?
There is some great video and article information on loans and mortgages here:
How To Smash Your Mortgage:
DIY Loan Modification System:
Mortgage Medicine:
Low Mortgage Rates:
How to enter your information into the Speed Equity® Software program if you current have a second mortgage as an Interest Only Loan, p&I Loan, Home Equity Loan, or a HELOC.
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http://www.ezchfaloans.com, 0 Down CHFA Mortgages for First time Home Buyers in Denver, Centennial, Aurora, Littleton, Lakewood, Highlands Ranch, Arvada, Westminster, Thornton, Boulder, Brighton, Parker, Colorado. If you are looking for 0 Down CHFA mortgages for First time Home Buyers in Denver, Centennial, Aurora, Littleton, Lakewood, Highlands Ranch, Arvada, Westminster, Thornton, Boulder, Brighton, Parker, Colorado. See this site.
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http://www.MortgageHelpLosAngeles.com. Before sub-prime mortgages, where consumers interested in getting reasonable interest rates on loans with small down payments, marginal credit scores, and/or high payment to income ratios were able to get funding, there was the FHA. The FHA was set up to help those with more difficult loans get insurance for the payments, so that lenders would be willing to fund the loans. Bill Rayman is a very successful Los Angeles Based Mortgage Broker who can help you find the perfect approach to maximizing your goals in home purchases, refinances, or investments in property. This video explains the details of FHA financing. To reach Bill Rayman, call him at 310-295-2900 ext 113. Visit his blog at http://www.mortgagelosangeles.blogspot.com
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we bought a house with an old friend. each own 1/3 of the house. 2 of us are getting married and obviously want our own space. the third person – he isnt overly agreeable to sell – do we have any other options?
Go to court; partition suit. Expensive for all parties and no slam dunk for anyone.
Negotiate.
I am currently thinking of selling a property and the purchaser wants me to hold a 2nd mortgage. What are my rights if foreclosure was to happen? Can I buy out the mortgage from the first holder? If I can’t I will most likely lose my mortgage?
I don’t think it will happen but I need to know before I decide. Any help would be appreciated.
Depending upon the State you are in if you are in second position and you foreclose then you can take the property back subject to the loan that is in first position. Yes you could buy out the first mortgage as well though the lender may have tacked on penalties and missed payments to the total.
If the first position loan forecloses first and you find out about it then you’ll have to make up any missed payments and penalties the owner has incurred in order to bring the first loan current. Once that’s done you can start foreclosure proceedings yourself.
So, if you are going to hold a second mortgage it is important to be informed if the owner misses a payment on the first loan. Usually you can file a document with the local Recorders office that will alert you if a Notice of Default if filed by the first mortgage holder. Then you can bring the first mortgage current before the missed payments and fees get too high. And, if the owner is not paying you either then you can start foreclosure first. If the owner is not paying you but is current on the first then you can foreclose. You will still take the property subject to the first loan. If the first loan forecloses and you cannot bring it current then your second loan will get eliminated at the subsequent foreclosure auction.
So, be sure there is plenty of equity in the home if you carry a second. If there isn’t then you’ll have no room to foreclose if necessary. Why bring the first current and go through the costly process of foreclosure if you’re going to get back a property that is worth less than the loan amounts? So, if you do have to foreclose you need enough equity in the home to be able to pay for possibly bringing the first loan current (if they foreclosed first), foreclosing yourself, then selling the property and paying off the first loan completely. Again, it depends upon the State the property is in as well so check with a local real estate attorney.
Good Luck!
I’m trying to look at all options here…my 1st mortgage is at 160K and my 2nd is at 40K. With the market, currently it is worth around $190, so I can’t refi them into one fixed loan. They are going to adjust in January 2010 and I’m trying to get this sorted out before the rates go up. Is it possible for me to refi the 160K loan to a fixed rate and leave the 40K loan where it is?
The rates may go up or they may go down…there is no guarantee and no one knows what they are going to do.
If you knew the rates were going up would you have signed up for an ARM? Of course you wouldn’t b/c you thought they were going to stay the same or go down…well, they didn’t.
The problem is, you’ll have to bring $10K to closing in order to refinance your first mortgage b/c you appear to be upside down in value.
Like Matt said, normally all you do is get the second lienholder to subordinate, but they won’t do that if it leaves you in an overall negative equity situation.
I have 225K 1st mortgage interest rate 8.6%, 30k 2nd interest rate 6.5% and 27K 3rd mortgage interest rate 8.4%. House values goes down in our market, my house’s value around 275K. I have no other debt, credit cards and car paid off. im not late or behind of my payments. my credit score is around 677-685. i would like to consodilate my home equilty line of credits with my 1st mortgage. can i refinance my 1st mortgage and consodilate my debt??
Sorry but it’s not going to happen. How much longer are you still going to be able to stay current?
The advice I give you is the most basic and practical. The ideal situation you probably would like to be in is not having extra unnecessary debt and to be able to afford to live a comfortable standard of living. If you cannot afford to pay for other bills or food, you really need to make adjustments. You have helocs, and I dont blame you; the agent probably told you all the great things you can do with the heloc, like renovation. But they probably didnt tell you the risk. Since you are making payments using the heloc money, then you cant afford the whole house. That is probably not the ideal situation you want to be in. You have a few options.
1. If you stick it out, you may soon fall short and get foreclosed on.
2. Also, you can think about doing a short sale; call an agent and negotiate with the bank. You may be responsible for some of the balance and any tax consequences, but you will able to save a lot more money than you are now.
3. Loan modificiation, talk to the bank to try to modify your loan. But it may not be good enough
4. Renting it out may be an option, but you may not be able to cover the payments with the rent.
5. Deed in lieu of foreclosure, giving the home back to the bank.
These are some options you can consider. Deed in lieu, foreclosure and short sale may ding your credit, but a short sale will be the lightest. Startover, rebuild your credit and in a few years buy a home and make sure you can afford it. Your credit is more important than a house.
How to settle 2nd mortgage for less than full balance *IF* deed-in-lieu is approved already?
I was never late but applied for Deed in lieu with Countrywide. Now they approved the DIL but now I want to keep the property but settle the 2nd mortgage?
How is it possible?
ask them for the full payoff. Do not sign the deed in lieu. Send the full payoff to Countrywide and they will have to release their mortgage.
I used to have outstanding credit, but due to a sickness in the family I ended up accruing over $125,000 in revolving debt that ended up ruining my debt to income ratio. Now my credit appears to be shot even though I never missed a payment and can afford my bills.
As a 1st time home buyer, I’d like to get a 1st mortgage that pays for 100% of the home purchase price and consolidates my debt into one payment. I’m looking at homes in the $150K range.
My current salary is over $125K per year, so I am not eligible for low income programs. Does anyone know of a program that can help with this type of situation?
Please do not submit answers recommending debt consolidation or debt advice. I am looking for a mortgage program. Thanks!
There are no such mortgage programs. These days, your mortgage value is limited to the amount of value of the property which you wish to purchase. In other words, if you buy a $150K house, that’s the level of mortgage you will be able to achieve. They won’t give you more than the amount for which the property appraises.
