Home Equity Loans – second mortgage

elman1005 asked:


Can i pay them both off with a refinance from home is we have enough equity in home. I am told i need to pay a .5 point fee to convert an equity line to a cashout loan since this loan is not a second when the home was purchased?

SHANE

goodcarol2003 asked:


going on the title…IF we separate say the home is worth 260,000.00, the 1st mortgage is 123,000.00, the second mortgage which I am holding is 130,000.00…would it be fair to subtract from 260,000.00 minus 123,000.00 equals 137,000,.00 minus my 2nd mortgage which would leave in equity 7,000.00, for him…say the home increased in price to 400,000.00 divide by 2 (split) = 200,000.00 and deduct his mortgage from his half ( in the prenup it states its his 1st mortgage since I paid my half) and I get my 130,000.00 plus 200,000.00……to me this isn’t fair I think we should deduct the 1st and 2nd mortgage off the 400,00.00 and then split…..I don’t want ruin the guy like his first wife. Hope I explained this properly.

MORGAN

Mick_man asked:


I have to make a decision to sell or rent, I can’t keep eating the mortgage on my second house.

Here are some details:
Mortgage $1,060 per month.
Wate/Sewer bill Avg – $130 each quarter (3 months)
I have a high efficiency Washer/Dryer in this house.
I have a fridge in this house.
Property has almost one acre and is in quiet/good neghborhood.
3 bedroom, Eat in kitchen, Dining room, 1 Bathroom, Full size finished basement with Bar.
10×8 Storage Shed.
New Water Heater.
New upgraded electric panel (200 amp)
Easily parks 5 cars on driveway (unfinished – just dirt)
New R-30 insulation in attic.
Freshly painted.
Located about 1 mile from Rowan College in NJ.
Rowan college is undergoing extensive construction/beautification projects.

Realtor thinks I should easily get $1,300 per month in rent.

Concerns:
Finding a good/relaible tenant.
House needs new windows and new carpet.
Oil heat – No Air Conditioning, but I do have window air conditioners.
Propane tank supplies Oven and Dryer – full tank lasts about 16 months (almost 1.5 years per fill).

I’m thinking about installing new carpet, new windows, new central air. I estimate the cost to be $10,000 to do so. I don’t have the money to do it. I would have to get a Home Equity loan or do something else.

I have $32,000 paid off principal on mortgage, anout $100,000 more to pay off.

Realtor thinks it would sell for the exact same price I bought it at 3 years ago.

Do you think I should sell now in a bad real estate market?
Do you think I should rent until I can sell for a nice profit?
Do you think I should rent for many years until I have the mortgage paid off?

Thanks in advance!

RONALD

boddymood asked:


I am divorced and the house was left to me to deal with. I have had the house on the market since Oct. with not even an offer to date. I really want to get out of this house since my ex wife still lives at the end of my road. I also can not afford the mortgage payment, it is 1200 a month between the first and second. There is plenty of equity in the home. What would be some options that I could take to get rid of this short of forclosure

MARC

Yves g asked:


Hello,

I’d like to understand (at a high level) the rules that lenders apply to qualify you for a mortgage in the following situation. You own a house that you plan to sell and are looking for a new one and would possibly use an equity loan for the down payment. Do you have to get approve for 3 mortgages at one? Do lenders use the same debt/income ratio when it is clear you plan to sell the 1st house and if so what ratio are used? Can the approval be contingent on the sale of the first house prior to buying the second one? Even if I close on the same day or close on the sell prior to buying, in all likelihood, I need to get pre-approved prior to officially selling my first home.

Any other concepts that I am missing?

SAMMY

Sunny asked:


When I bought my house it was with two mortgages. A regular mortgage and a home equity line of credit mortgage. Now that i am selling the home, the realtor and I realized that the second mortgage was never recorded with the mortgage company. Can I sue the mortgage company for the amount of the second mortgage since it was their error?

ERROL

Samuel’s Mommy! asked:


We bough a house and want to add garage, second floor, etc. Does the bank need to know that the house is being remodeled, meaning raising in value?

We don’t and aren’t planning on getting equity.

Thanks.
Yea, we got permits and everything from the city. what a rip off. lol

RODRICK

xena asked:


My first mortgage is 210,000 with fixed rate of 7.125% and my second mortgage is 52,000 with variable rate. When I called my lender, they will combine the two mortgage for me with fixed rate of 8.3%. I got 100% financing when I got my home and we only lived here for 1 1/2 year so we haven’t really build equity. I only checked with my lender and so far their the only one that would refinance my mortgage. I heard most of the bank will not offer this. Is it worth it for me to do this? Any advise wil be appreciated.

CAREY

Pascual B asked:


I bought a home 4 years ago and am now having trouble paying my mortgage. I have a first and second TD, the first was refinanced once as a rate/term refi, and the second, an equity loan with wells fargo, was partially used to cash-out. I have to consider foreclosure as an option, if the lender is not willing to modify the terms, but I’m unsure if either the 1st or 2nd lienholder can pursue any of my other assets, including a property my wife owns free and clear that was gifted from her grandmother, a pretty decent size 401K (over 100,000), or possibly even garnishment of my wages. Credit and Tax issues aside, is there any way the lender will seek repayment through the court system, or will foreclosure pretty much protect me? BTW this house is considered my primary residence. I am also trying to find where on the note/deed of trust that I signed, it states whether or not the liens are considered recourse or non-recourse, but cannot seem to find the pertaining verbiage

RANDELL

Chris asked:


Due to the down economy I was laid off from my job. This is happening everywhere but I was wondering if I could still get a second mortgage as a type of “rental income”. I currently own a home, well still have a mortgage. But are lenders still willing to give out loans to people who are unemployed but yet looking to make a second source of income from rent. Or could I pull out a line of equity on my current home? Please give me some advice

(reason I ask: Found a steal on a home appraised at $99,000- selling for $30,000)

ORLANDO