can I get information on a second mortgage loan that is not in my name, but I hold the deed on the property?

Q) When I was married my husband took a second mortage on the house. We are now divorced and I was awarded the house but with both mortgages. The bank holding the note for the second mortgage will not send me a payment book because my name is not on the loan. Any advice? I should add that I have continued to make payments adding the account number to my checks.

A) HoneySuite gives good advice. What I don't understand is how the 2nd mortgage got put in just your husband's name. Banks (and possibly federal laws) require federally insured mortgages to be in the name of both spouses. I would question the legality of the loan officer who approved this loan without your signature. You may want to look into getting an attorney, you may not even have to pay it back if it was done illegally.

Applying for a second mortgage loan...?

Q) We are a militaty couple and are currently buying a home. We recently got orders and will be moving out of state soon. How hard is it to get approved for another mortgage loan? What other things should we consider (besides the obvious "can we afford two mortgages until the first house sells")?

A) Hi, Getting approved for another mortgage really depends on your financial situation. The bottom line is whether your income and assets and credit history, along with any equity in your current home are enough to qualify you for the mortgage you want. You'll need to speak to a mortgage professional who can do a full analysis of your financial situation and they'll let you know how much loan you qualify for. Usually, people in your situation get what is known as a bridge loan, that will cover the second mortgage until your first home sells. Again, any mortgage professional can give you more information about this. There is obviously quite a bit to consider that is unique to your situation, but one of the largest is home value. Hopefully your current home has gone up in value since you bought it. If so, you will be able to take any profit once it sells and put it toward your second home's mortgage. However, if your home has decreased in value (all too common in some parts of the US right now) you may have to pay out-of-pocket when you sell. For example, if you bought your home for 200,000 and still had $180,000 left on the mortgage, but sold it for $160,000, you would have to make up the $20,000 difference. You’ll also have to consider selling costs of the current home (any cleaning and fix-up fees, realtor fees, taxes due, etc.). With the new home, you’ll have to consider: closing costs, down payments, taxes in the state you’re moving to, moving fees, etc. There is a lot of information to digest with owning two homes while moving, so I really suggest calling a mortgage expert. I’ve included a link to our home purchase page, but feel free to contact me through my profile if you have any questions. Good luck!

Procedures to Collect on Second Mortgage Loan?

Q) Private Loan 20,000 Quit Claim Deed Lease Agreement Agreement to Sell

A) If you lend someone money as a mortgage against real property, you should go to an title company and let them record a lien against the property and record it. The lien then become public records as the title company will record it with the county recorder's office. The lien will outline the conditions, interest, terms of payment amount to be paid each month. If the borrower fail to live up to the conditons of the lien then you may foreclose on the property. You will find a title company in your local telephone book. Also once you call them you can inquire as to the fees they charge to do this recording. It is a must so you might want to tell your borrower that an added cost is the title and escrow closing agent fees. Once it is recorded if the person you lent the money to decide to sell or refinance the house they have to either pay your second lien off or you subordinate to the new loan, but you make that decision. A quit claim deed add you name to the property, and does not place a lien against the property. A lease agreement simply means you agree to lease a property for a certain length of time and offer other conditions and terms. An agreement to sell is an document indicating that you agree to sell an item or property to a person and it out lines the conditions of the sale as well as payments and interest if any. I hope this has been of some use to you, good luck. "FIGHT ON"

canI apply for a second mortgage loan without my spouse co-signing?

A) Not if he/she is on the deed to the home.

What is the best monies to get from a refinance, equity loan or a second mortgage loan? Why?

Q) We are looking to borrow money from several financial institutes and don't know which is the best way to go.

A) that depends on a couple of things. First, what is the rate on your current first mortgage? If the rate you can get refinancing is as good as or only slightly higher than what you have now, it might be better to refinance because second mortgage rates are generally higher by several points. Home Equity lines of Credit are generally adjustable rate interest loans based upon the prime rate so if you are looking for more than you can repay in a year or two you have to consider what might happen if the Fed raises the prime rate of interest and the impact that would have on your payment. Yes there are costs involved in refinancing that may be higher than those of a second mortgage or line of credit but those are usually included in the amount to be refinanced and you can amortize the write off on those costs so if the payment is what concerns you a refinance might be in your best interests if you are looking to see cash in excess of $10,000..

Should I stay away from a second mortgage interest only loan?

Q) I've been approved for a 1st mortgage at a fixed rate of 7.38 and a 2n mortgage interest only at 10.425. This loan is for an investment property. I've been told that the 2nd loan is Home equity line of credit. How much will my payments go up on the 2nd mortgage and should I look for another loan. Thank You.

A) Only use the 2nd mortgage for fixing up the property if it needs it. Do not use it for every day purchases. It is good to have for any emergencies and for the tax benefits. The interest that you pay is tax deductible. You can use the money to fix up the property if you wanted at a smaller monthly payment (int only), then when you sell property you pay it all off anyway.

what qualifies as a second home for mortgage loan?

Q) I am working overseas, I want to buy a house in Texas. Can I consider it to be a 2nd home and ask the mortgage company to give me interest as second home instead of calling it "investment property" ? The interest rates and taxes for 2nd home is less than investment property. It will be rented out till we come back to Texas.

A) Yes! Well... no, not since you just told us it will be rented out. Investors will consider it a second home if it is; A) not going to be rented out. B) farther than 50 miles from you primary residence. C) in a place where people would typically vacation.

Cash-Out Refinance or Second Mortgage? If Second Mortgage...home equity loan or HELOC?

Q) My 2-family home is valued at 375K. I have 12 years and 88K on it left. My current loan is at a 4.9 interest rate. I need to borrow 220K and need it in lump sum. With todays rates being around 6.5 for a 30 year, I know refinancing is out of the question. Which would be better for me, a HEL or a HELOC? What would my payments be for 30 years, 15 years? Thanks

A) look the best interest rate you will get is a fixed rate at 30 year if you can not afford this rate, you will get crushed with a home equity or other second note, they are variable and rates are not coming down but going up, after the teaser rate period is over you are going to get whacked almost double the payment, so when looking at a home equity read the fine print, see how long the teaser rate last and figure what ever your payment is double it once the teaser period is over

mortgage loans do itake and equity or a second mortgage on a hous that is paid for.?

Q) i have a house that is paid off but i want to purchase another house so i want to borrow a loan to put 20 precent down on the second house i want to purchase what type of loan can i get is it a equity or is it a second mortgage because the house is paid for.

A)

Im looking for a second mortgage or home equity loan inRI?

Q) I have discretionary credit

A)