Home Equity Loans – second mortgage

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

Nadia asked:


We currently have a 1st mortgage with Resmor. We would like to renovate (and insulate) our second floor not only to accomodate heating costs but to bring in a boarder to help offset our costs. We need about $15K. Our finances haven’t been the best in the past but we’ve worked hard to increase our credit score, paying on time and is much better now.

Is it best to approach our bank for a home improvement loan? If one turns us down, should we continue looking? Should we bring a recent credit report and show how we intend to pay it?

Our equity doesn’t give us enough to do this and we prefer not to use our credit cards because of higher interest.

Once we’ve raised the value of our home, would this be a good time to put this loan onto a second mortgage? A mortgage broker has offered to do a 2nd mortgage with us. I get so confused with ALL these people who want our money. Help!

WYATT

T F asked:


Probably will have to let my home go to foreclosure. Currently am behind 3 payments on the second mortgage but not on the first. Should I try to get the second caught up and then have them go into default at the same time? What happens if the second mortgage goes into foreclosure before the first? Would the holder of the first mortgage redeem the sheriff deed on the 2nd, or would the 2nd buy out the first? Need help here deciding what to do. I don’t have enough equity in the house to sell it and can’t make the payments.

TERRENCE

j r asked:


Is a 2nd mortgage the same as a home equity loan? Thanks

BUFORD

Maria M asked:


i have a 1st and 2nd mortgage on my home but i have enough equity to purchase or place a down payment on a second home. i’m looking at refi the 2nd mortgage for a line of credit but i’m being told that is not a good idea because if something goes wrong with the second home i could lose my primary home. am i better off getting a separate loan for the investment property?

FIDEL

Cesar V asked:


Mortgage. Can I have the second loan modifyed as well? It is an equity line 2nd mortgage on my home.

DOMINICK

rwdrumz asked:


Don’t bash me for my methods, but just give your thoughts in the current situation. Ex and I had a super easy divorce where I said, “I’ll move out, you keep paying the mortgage on the house and we’ll decide later if you refinance or sell it.” Well, we have a 2nd mortgage line of credit for all our debt consolidation and home improvements. I have been paying half this 2nd mortgage cuz it was debt we both gathered. But if I gave her the whole house and it’s 1st mortgage payment, shouldn’t she also be paying the 2nd mortgage? The 2nd mortgage came from equity which I earned half of. Now I’m giving up that equity so isn’t that her resposibility now?

For example on a refi. 1st mortgage we owe 200k. House worth 280k. 2nd mortgage balance 80k. She refi’s the 1st mortgage, I get 40k in equity. She refi’s 2nd mortgage and even if we split the 80k, I just give her back the 40k I earned from equity so I’m even. Is my logic correct here? I should be 100% free of any of the mortgages?
That’s exactly what I was asking about. If she refinances, logic is that it’ll be for the whole amount (1st and 2nd mortgages) and I’d not fit in anywhere. Some think I’m still responsible for 1/2 the HELOC because I helped create that debt it was put towards. But it’s from equity in the home so if I give up my equity portion, I also give up my 1/2 of the HELOC resposibility, right?

JEFFREY

I M asked:


I want to purchase a home in San Diego, but I have limited income. My current first loan (70,000) is a VA loan, and I have a second ($3000). I only have $5000 on hand for a down payment. I could raise the limit of my 2nd mortgage loan in order to get enough for a down payment. Or should I refinance the loans into a conventional loan in order to use my VA loan? My current home is valued at 154,000. Should I take cash out so I can give a bigger down payment? Or should I just sell the home? If I did sell the home for 150,000, (I have been in the home for more than 5 years) how much would I keep after all the fees?

JAIME