Home Equity Loans – second mortgage

Question by Cowgirl Joe: Second Mortgage?
I’m going on 3 months past due now on my mortgage. In other words my home is going into forclosure. I have a second mortgage that I am gonig on 2 months past due. I’m unable to catch up on my home mortgage. I want to know should I continue to pay the second mortgage? I already know that forclosure is in the making. Don’t the second mortgage get paid first when the home is sold. (Florida)

Best answer:

Answer by Vick Masterson
No, The mortgage in first position gets paid first. First position is determined by the age of the loan. In this case, your first mortgage is in first position and gets paid off first. They are also the only one that can really foreclose on your home.

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Consumer Loan Rates
Springfield financial institutions quoted the following rates Friday for home equity, auto and boat loans. The home equity rate is based on a $ 10,000 loan or line of credit with applicable points included. Rates are variable unless otherwise noted. Additional fees are not included. The auto loan rate is based on a 48-month contract for a new car. The boat rate is based on a loan for a new boat.
Read more on The Springfield News-Leader

Little change in mortgage rates, Freddie Mac says
The average mortgage rates available to borrowers with good credit and 20% down payments or home equity rose a scant notch in Freddie Mac’s latest survey of what lenders are offering. Freddie Mac, one of the government-controlled firms that guarantee…
Read more on Los Angeles Times

April 3, 2011 As more and more Americans face mortgage foreclosure, banks’ crucial ownership documents for the properties are often unclear and are sometimes even bogus, a condition that’s causing lawsuits and hampering an already weak housing market. Scott Pelley reports.

The Second Mortgage Meltdown Crisis is a CBS 60 Minutes documentary an outstanding piece of journalism delivered in terms that everyone can understand , eye opening. 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.Abolish the private FED federal reserve.Since 1913 they have destroy the country.They have create wars,depressions and brought poverty to America,their final goal in total destructionIt is a crying shame, they used taxpayers money to bailed out the bankers and the investors in the tune of trillions of dollars, yet not one dime is given to bailed out the taxpayers allowing them to stay in their homes. What a evil country we live in, no wonder why cities are stocking up with military grade weapons to be use against the people when the people starts to turn on them.Get out of Dollars and the US Stock Market. There is going to be a run on the dollar soon as China becomes a net seller of treasuries instead of a net buyer like they are currently. They just announced a 600b bailout of their own, how do you think they will pay for it? Dump their 1Trillion plus in US treasuries. The game is up

Home Mortgage and Life Insurance Firm Offers a Variety of Mortgage Loan Solutions to Home Owners

(PRWEB) May 5, 2005

Original Mortgage Source, LLC, an Ohio-based company that specializes in home mortgage and life insurance options, has included information and application forms on their website for the most popular types of mortgage loans they offer to homeowners.

Original Mortgage Source, LLC provides two distinct types of mortgage loan solutions. The first, a 4.875% Equity Builder mortgage loan, is an interest-only program that helps homeowners free up money to pay other bills without refinancing their mortgage. Unlike the Prime Rate mortgage, the Equity Builder mortgage loan is affected by multiple economic factors, making it much more stable and keeping the interest rate lower. The interest rate is also not compounded annually.

The second mortgage loan, Mortgage Life Protection, is actually an inexpensive life insurance policy that provides total coverage to pay off the full amount of the mortgage should the homeowner die. This coverage can be added to an existing mortgage without refinancing.

In addition to the Equity Builder and Mortgage Life Protection mortgage loans, Original Mortgage Source, LLC has several additional mortgage loan programs, including:

• 100% Financing, for borrowers with good credit and employment histories but no down payment

• 3% Down FNMA, designed to assist moderate income first time home buyers.

• Home Equity Lines of Credit (HELOC), for borrowers who wish to keep their first mortgage in place and use their equity for debt

• Mortgage Only Programs, enabling homeowners to qualify for a new mortgage based only on their mortgage payment

• No Income Verification Loans for Self Employed or W2 employees

“Our policy is to provide pre-qualifications free of charge to all people serious about purchasing or refinancing their homes, investment properties, or commercial properties,” said Timothy A. Primavera Sr., President and CEO of Original Mortgage Source, LLC. “Our ultimate goal is to help our customer get what they want.”

Original Mortgage Source, LLC offers a free two- to four-minute “Quick Mini-Application Form” to apply for a home mortgage or life insurance online. To apply for a mortgage loan or to learn more about these and many other available mortgage loan programs, visit http://www.OriginalMortgage.net.

About Original Mortgage Source, LLC

Original Mortgage Source, LLC has been providing help to customers with home mortgage and life insurance needs. Their specialized staff of certified residential mortgage specialists and senior loan officers assist with mortgage loan programs, help with for-sale-by-owner homes, home warrantees, and offer consulting for homeowners and home purchasers alike, in both commercial and residential real estate.

Original Mortgage Source is a member of the Cleveland Better Business Bureau (BBB), the National Association of Mortgage Brokers (NAMB), the Ohio Association of Mortgage Brokers (OAMB) and the Ohio Farm Bureau Federation (OFBF). The Christian-owned and operated firm is state licensed, bonded, and insured to provide home mortgage loan s and solutions for homeowners and home purchasers, regardless of credit history. They also offer many different types of life insurance coverage that can be browsed on there website.

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