Mortgage home loan answers
Learn about mortgage home loans and rates.
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I have a mortgage on one home, can I get a second mortgage to pay for another house?
Posted on June 29th, 2011 No comments
Question by TexasBound: I have a mortgage on one home, can I get a second mortgage to pay for another house?
I’m planning to relocate, but current owe a mortgage for $ 50k. I also have a bankruptcy on my record thats a couple of years old. I’d like to find new home in the state I choose to live in. Would I be able to get a second mortgage or refinance my current home in order to pay for a new one?
Best answer:
Answer by lendingwhiz2008
That depends on a few things.How much equity do you have in your current home?What is your credit score?What is your debt load?Yes you can get a 2nd mortgage on your current home to buy another, people do it all the time.Your income must support maintaining your current home (you should be able to get a renter in there to offset the mortgage payment or some portion there of) and support your new mortgage.You can get a loan with a BK. Many lenders require it to be discharged for 2 years, nonetheless, there are still a few lenders that will lend on a BK only being discharged 1 day.In a nutshell, yes you can, if all your other ducks are in a row.Good luck
What do you think? Answer below! -
if you file bankruptcy, are mortgage lenders more or less likely to work with you for a modification?
Posted on June 28th, 2011 No comments
Question by bnwng98: if you file bankruptcy, are mortgage lenders more or less likely to work with you for a modification?
in filing chapter 13 bankruptcy, are mortage lenders more or less likely to work with you to get a home modification. My home has dropped 90,000 in value and it’s really not worth paying on a 170,000 loan when other houses in my neighborhood are being sold for 80,000 and getting a lower interest rate.
Best answer:
Answer by jlf
Mortgage modification decisions are not made on the basis of your home’s current market overestimated. They are made based on your ability to pay the loan. You can’t get a principal reduction just because you want one.
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How many years does a second mortgage have to sue me for a unpaid debt?
Posted on June 26th, 2011 No comments
Question by Briwood: How many years does a second mortgage have to sue me for an unpaid debt?
My house was forclosed. The first bonded wrote off the debt.The second mortgage did not.How many years do they have to try and get the money?
Best answer:
Answer by Common Sense
Forever. They may be waiting until your situation improves.
Add your own answer in the comments!