Home Equity Loans – second mortgage

Question by NONAME: Why is it that many loan companies wont provide home equity loans on property that are used for agriculture?
One that comes to mind is quicken loans. Any information would be appriciated, thanks.The thing is, my home is included in my land that I use for cattle grazing.

Best answer:

Answer by ihateinternetdating
This is an easy one, I’ve run into this too. Federal foreclosure laws are WAY different for residential than for agricultural land. If you default on a residential loan, and they foreclose, the redemption period is 3 months, then they can take the house and evict you.For agricultural properties the redemption period is a year. So you can stop making your payments this month, and basically get to live in it entirely free from now until January, 2009. That’s why they won’t loan on it, a lot of people have taken advantage of that loophole.It’s because the ranched properties are considered income producing, so they can’t take away your livelihood.. 10 points, please!

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Question by Ivan V: How do I adjust the interest deduction for my second mortgage?
My second mortgage is $ 150k. I understand that one can only deduct the occupied paid on the first $ 100k. Is this correct, and if so, would it be reasonable for me to just leave off 1/3 of the interest, when making the deduction (for last year I made interest only payments)?

Best answer:

Answer by Tomk
Check out publication 936 at the link below. Click the link for Part II, Limits on Home Mortgage Interest Deductions. You have to scroll a bit, but there’s a postpone that will tell you how to figure that interest. It’s Table 1.

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Interest Only Home Equity Loans Featuring a Fixed Second Mortgage Rate from BD Nationwide

Encinitas, CA (PRWEB) December 13, 2006

BD Nationwide Mortgage introduces an affordable home equity loan that features an interest only payment option with a fixed rate. This second mortgage allows borrowers to get a fixed mortgage rate while also benefiting from a reduced payment and increased cash flow. Homeowners have the luxury of converting their home equity line of credit into a fixed rate second mortgage while keeping the interest only option. BD Nationwide has released several new second mortgage products in 2006 that have offered additional “cash out” opportunities for homeowners without requiring them to refinance their existing first mortgage.

BD Nationwide proudly presents the “Interest Only Fixed Rate Home Equity Loan.” This unique second mortgage program allows homeowners to maintain the affordibilty of interest only payments but also have the security of a fixed interest rate. Interest only loan options are available with home equity credit lines and second mortgage HELOC conversion up to 100% combined loan-to-value. Borrowers can choose from 3,5 or 7 year fixed rate equity loan terms. The 125% second mortgage product does not offer interest only payment features at this time.

Advances for fixed second mortgage rates can be requested at anytime during the ten-year draw period: Three fixed rate advances may be open at any one time. The conversion feature limits you to a total of eight fixed rate advances may be requested over the draw period. In addition, there are no lending fees to convert to a fixed rate. Loan advance options are based on the balance requested.

Brendon Daly, a Sr. Loan Officer at BD Nationwide Mortgage, said, “This is an affordable home equity loan that enables my clients to preserve their cash flow when they need to, because borrowers can choose between the affordable interest only payment or the fully-indexed payment that pays down both principal and interest on the 2nd mortgage.” Daly continued, “These days I find the demand for consolidating credit card debt is rising, and these second mortgages offer the means to reduce interest rates and get debt paid off quicker.”

The Interest Only Fixed Rate Home Equity Program enables borrowers to refinance their credit lines, and convert variable rate home equity into a fixed rate 2nd mortgage. This interest only home equity loan is a great solution for borrowers in a money crunch. This unique 2nd mortgage offers the fixed rate that many borrowers need to go to sleep at night, while offering a low payment solution for a few years. The interest only home equity loan is available for both refinance and purchase transactions. BD Nationwide Mortgage Company has partnered with many of the nations leading home equity lenders in efforts to provide premium second mortgage products.

Second Mortgage Programs: Borrowers choose from fixed rate terms and HELOC conversions: 10 to 30-years. Home equity line of credit rate is a variable rate ( WSJ prime interest rate index plus margin) Home Equity Loans :Terms range from 15, 20, 25 or 30-year terms. Second mortgage rates are fixed interest rates (fixed interest based on market conditions on the conversion date)

Consumers searching for current interest rates, should visit: Home Equity Credit Line Rates. Borrowers may request a fixed rate advance after the close of escrow.Take advantage of interest only payment features with fixed-rate 2nd mortgages that provide reduced payment options for the initial fixed rate period. To learn more and get additional home equity tips from the 2nd mortgage experts, please visit: BD Nationwide Mortgage Company Online.

About BD Nationwide Mortgage Company:

BD Nationwide Mortgage is a home equity loan broker with corporate headquarters in Southern California. They specialize in refinance, second mortgages, 125% home equity loans and credit lines for homeowners seeking lower payments and cash out. The company focus remains solidified with refinancing and 2nd mortgages for people with all types of credit. Always striving to offer “out of the box” loans, BD Nationwide Mortgage is determined to help expand financing solutions so more Americans can maximize the financial rewards of being a homeowner.

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Question by my brain hurts: If your first mortgage takes a deed in lieu, what happens to the second mortgage?
Do the 2 companies duke it out? Or does the former homeowner have to strike a deal with the company that held the second mortgage?

Best answer:

Answer by zeuz
1st takes ownership. 2nd becomes unsecured, and theoretically can sue the debtor for the deficiency.

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Question by Joe: Are architect or permit fees considered part of “construction costs” for home equity loans?
We plan to use a home equity loan to rebuild our studio, putting the loan money in a separate bank account and using that account solely for “construction costs” to ensure the interest remains tax-deductible.Question 1: We’re paying an architect to design the building and we have to pay the city a permit fee to review and approve the design. Are these two fees considered part of the “construction costs” of a building so we can use the loan to pay these without worrying about the IRS coming after us?Question 2: Given this scenario, would it be wiser to use a Home Equity Line of Credit so we only borrow what we need when we need it? My concern (as always) is variable interest rates on the lines of credit, so I’d get a lower interest rate today, but it might be higher next year.Thanks!Joe

Best answer:

Answer by acmeraven
All items connected to construction of new whatever should be covered by construction lending. Ask your lending institution for this in black and white and put it with your records should the question ever arise. Never put your trust in “they” or “they said”. Get it in writing so it is defensible.

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How Can I Get a Refinance on My Second Mortgage?

A home owner decides to opt for home bond refinance when he feels the pinch of paying off the mortgage loan on a monthly basis. This pinch can be felt due to many reasons out of which one may be sudden financial crisis due to job loss or medical emergency etc. but once one has fallen behind on the mortgage loan payment or is not finding it easy to pay off the loan on a monthly basis then the first thought that crosses one’s mind is the refinance second mortgage loan which will help the home owner secure a more low-cost low rate home lending.

Applying for 2nd mortgage refinance lend will require some home work on the home owners end like understanding the home mortgage financing guidelines, comparing the best indorse mortgage financing rates, distinguishing the appropriate second mortgage lenders who are reliable and have a good service history and last but not the least deciding which option to avail to procure the refinance second mortgage loan. There are two options that home owners can opt for if they desire to settle for house mortgage financed also known as 2nd mortgage refinance loan. These two options are home equity line of credit or HELOC and a home equity loan.

The home equity line of credit is ane of the best ways refinancing second mortgages as it depends on the value of your home or the equity your home has in the existing offer. With the help of the home equity line of assign one can make use of the equity in one’s housed to borrow required amounts as and when needed. A home equity line of credit is different from a home equity loan which is another method of obtain 2nd mortgage refinance loan wherein the home equity line of assign does not offer the lump sum amount to the borrower but instead the borrower can use the rimmed of ascribe approved to borrow sums of money at intervals whereas in a home equity loan the borrower will get the entire lump sum money to be ill-used for some major purpose or investment.

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There are certain steps which if followed carefully by the home owner will enable him to avail the benefit of the refinance second mortgage loan. They are as follows:

A written plan of action is the best way to clear the clutter and decide whether it is credit card and other loan consolidation that you are looking for or a low interest rate 2nd mortgage refinance loan that will be more affordable to your budget.Approaching your current second mortgage lender is a much better option but prior to that reviewing a recent loan statement sent to you by the second mortgage lender and allowing the lender to analyze your financial position will definitely lead to the best decision and the best second mortgage rates being offered by them.Review and compare the best second mortgage rates been offered by different lenders and then decide which loan will you qualify for easily.Once the second mortgage lender is selected after comparing the best second mortgage rates are reviewed and compared then the loan application needs to be filled in accurately and sent to the mortgage specialist.

Refinance 2d mortgage loan is a big decision as the scoop second mortgage rates can save your internal from foreclosure whereas the worst 2nd bond refinance loan options can break the inspect for you. Home mortgage refinance can be acquired either in the form of home equity loan or home equity line of credit and whatever be the choice it is always advisable to prime the option that is suitable to your budget and stands eminent in the list of long term affordability.

Jack Smith Thompson is a regular writer on Loansstore.com, an US based portal, which provides detailed information on Refinance home equity line of credit and Second Mortgage Lenders and other related issues.

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Question by dreamwalker2001: What’s the real deal with home equity loans?
Lately I haven’t been working as many hours because of cutbacks so I’ve fallen behind in a few payments. So I’ve tried to obtain a small loan from a few banks with no luck. I’ve been paying my morgage on time for more than 15 years and never considered home equity. Why are these banks telling me I can’t be approved for a small amount but they’ll let me borrow 10 times as much with a home equity loan?

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Question by busiacam: Isn’t a second mortgage included in the approval process of a short sale?
My daughter sold her house under the ‘short sale’ guidelines. She had a second mortgage on the house. She was led to believe that when she was approved for the short sale that it included an approval by the second mortgage lender. Now she is being told that she owes a huge chunk of money. She was never given this information by her real estate agent. Shouldn’t the second mortgage lender have approved of the short sale before the final closing? Does she have any recourse?

Best answer:

Answer by sunshine
No it is not. The short Sale agreement was with the First Mtg holder. Your daughter still owes that 2nd mortgage lender money It was not the Realtor’s place to educate your daughter, it was her responsibility to research all the facts

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Question by MICHELLE R: what happens with home equity loans and lines of credit after your house is foreclosed on?
My house was auctioned off on August 2, 2010. But I have a home equity line of credit that I lull owe on, but now it is unsecured because the house has been foreclosed on. Can I file bankruptcy on that dept?

Best answer:

Answer by the tax lady
The lenders will enquire you to pay them directly as an unsecured loan.Yes, the debt can be included in bankruptcy.

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