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Is it possible to get a mortgage on a second home that includes enough money to pay off the mortgage on the first house?
Wiki User
∙ 15y ago
You could take out a mortgage on a second home to payoff the mortgage on your primary residence if you have sufficient equity. I guess the question would be, why would you want to do that? Generally, you are going to get better terms on a mortgage for an owner occupied residence vs. a 2nd home all else being equal.
Wiki User
∙ 15y ago
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If you foreclose on your home and proceeds are not enough to pay the first and second mortgage what happens to the second mortgage lien?
You still owe the money to the mortgage provider.
How can one get a second mortgage with bad credit?
It's possible to receive a 2nd mortgage with bad credit you just have to make sure your application is as strong as is possible at the time of application. Beware that your second mortgage will almost always have a higher interest rate than your first.
Owe 65 thousand to first mortgage 40 thousand to second mortgage but second mortgage is foreclosing how will first mortgage get there money?
In foreclosure proceedings the 1st mortgage gets their money first. Either the 2nd mortgage will have to buy the 1st mortgage entirely and then sell your house or they will have to hope that whoever buys the mortgage at auction, will bid enough to pay them off.
What are the benefits of using a 2nd mortgage calculator?
A second mortgage is when, already having a mortgage, you take out a second loan/mortgage secured on the property. This is possible if you have positive equity. A second mortgage calculator will give some indication about how much might be able to be borrowed without having to actually approach a money lender and give them your personal details.
Can one refinance ones second mortgage?
It can be difficult to achieve but it is possible for one can refinance a second mortgage, the following companies offer such services: Bank Rate, SF Gate, Capital One.
If you foreclose on your home and proceeds are not enough to pay the first and second mortgage what happens to the second mortgage lien?
You still owe the money to the mortgage provider.
How can one get a second mortgage with bad credit?
It's possible to receive a 2nd mortgage with bad credit you just have to make sure your application is as strong as is possible at the time of application. Beware that your second mortgage will almost always have a higher interest rate than your first.
Owe 65 thousand to first mortgage 40 thousand to second mortgage but second mortgage is foreclosing how will first mortgage get there money?
In foreclosure proceedings the 1st mortgage gets their money first. Either the 2nd mortgage will have to buy the 1st mortgage entirely and then sell your house or they will have to hope that whoever buys the mortgage at auction, will bid enough to pay them off.
What are the benefits of using a 2nd mortgage calculator?
A second mortgage is when, already having a mortgage, you take out a second loan/mortgage secured on the property. This is possible if you have positive equity. A second mortgage calculator will give some indication about how much might be able to be borrowed without having to actually approach a money lender and give them your personal details.
Can one refinance ones second mortgage?
It can be difficult to achieve but it is possible for one can refinance a second mortgage, the following companies offer such services: Bank Rate, SF Gate, Capital One.
Why might a homeowner take out a second mortgage?
A homeowner take out a second mortgage if they are struggling to pay off their first mortgage. You can read more at www.bostonapartments.com/mortgage/second-mortgage/second-mortgage.html -
Where can someone with bad credit apply for a second mortgage?
There are many places where one can apply for a second mortgage with bad credit. This includes lenders such as Norton Finance, YBS Online and Vanquis.
Is it possible for a first lien mortgage to be recorded in second lien position?
The only possibility I can think of is that one could have an unrecorded first mortgage or deed of trust. The second mortgage or deed of trust, if recorded, would be the first of record, and legally considered to be the first.
What are the dangers of a second mortgage foreclosure?
The biggest problem with second mortgage foreclosures is that you can lose your home even if you are still current on your first mortgage. The second mortgage, if defaulted on supersedes you first mortgage.
What are the benefits of getting a second mortgage refinance?
The main benefit of a second mortgage refinance is that it allows one to not have to create a new mortgage. Creating a new mortgage can be a hassle, which a second mortgage can alleviate.
Can second mortgage foreclose if the first mortgage is being paid?
Yes. The junior mortgagee can foreclose and take possession of your property subject to the first mortgage. If there is enough value in the property the junior mortgagee can sell the property, pay off the first mortgage and put any remaining proceeds against the amount owed on the second mortgage.Yes. The junior mortgagee can foreclose and take possession of your property subject to the first mortgage. If there is enough value in the property the junior mortgagee can sell the property, pay off the first mortgage and put any remaining proceeds against the amount owed on the second mortgage.Yes. The junior mortgagee can foreclose and take possession of your property subject to the first mortgage. If there is enough value in the property the junior mortgagee can sell the property, pay off the first mortgage and put any remaining proceeds against the amount owed on the second mortgage.Yes. The junior mortgagee can foreclose and take possession of your property subject to the first mortgage. If there is enough value in the property the junior mortgagee can sell the property, pay off the first mortgage and put any remaining proceeds against the amount owed on the second mortgage.
Can you have two mortgages for one property?
Yes. It is possible to have a mortgage and get a second mortgage on the same property. In some cases there are more than two mortgages on a single property.
