Home Equity Loans – second mortgage

everyday262003 asked:


I am thinking of buying a new house but would need to get a second mortgage to pay of my second mortgage on the house I already own. Is this possible? The home I am thinking of buying is selling for $448000 but appraised at $600,000 so it has plenty of equity. I am just affraid that my home that I am living won’t sell in order to pay of the 1st and 2nd.
Total 1st: $265,000
Total 2nd: $118,000
Mostly likely will sell for $330,000 or above quickly. So I need $53,000 to pay off the second on my home that I am living at.
I can afford a $600,000 home. I just down have $50,000 in the bank to pay the second.
I have $10,000 for a down payment. I am not sure if I could rent it for my monthly mortgage payment. What if I bought the home for $50,000 extra and the owner gifted me the $50,000 to pay the second?

WENDELL

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

kookoo4travel asked:


Adjustable rate has taken our mortgage payment from $1,800 per month to $3,000!

ALDO