How many years does a second mortgage have to sue me for a unpaid debt?
My house was forclosed. The first mortgage wrote off the debt.The second mortgage did not.How many years do they have to try and get the money?
Best answer:
Answer by Common Sense
Forever. They may be waiting until your situation improves.
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Question by Ronaldo: How does rental income on a 1st mortgage affect mortgage affordability on a second home?
For example if my 1st mortgage is 00 per month and i charge a rental income of 00 per month, is it a wash? Or do i get the 00 rental income added to my gross monthly income and have the 00 mortgage payment added to my monthly liabilities?
Best answer:
Answer by infinite crisis 247
you would do the latter on the mortgage application. the 1000 dollar rent you are collecting would be income (and therefore taxable), and the 1000 mortgage payment is a debt (liability).
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Question by cookingmomma: Can a first mortgage be refinanced to a lower rate if there is also an existing second mortgage?
If a homeowner has a first mortgage and a second mortgage, and would like to refinance the first mortgage at different terms, can this be accomplished – does the existing second mortgage put a monkey-wrench in refinancing the first?
Best answer:
Answer by Tim
Normally you roll them both together. You can get better rates on a 1st than a 2nd.
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Question by TexasBound: I have a mortgage on one home, can I get a second mortgage to pay for another house?
I’m planning to relocate, but current owe a mortgage for k. I also have a bankruptcy on my record thats a couple of years old. I’d like to find new home in the state I choose to live in. Would I be able to get a second mortgage or refinance my current home in order to pay for a new one?
Best answer:
Answer by lendingwhiz2008
That depends on a few things.
How much equity do you have in your current home?
What is your credit score?
What is your debt load?
Yes you can get a 2nd mortgage on your current home to buy another, people do it all the time.
Your income must support maintaining your current home (you should be able to get a renter in there to offset the mortgage payment or some portion there of) and support your new mortgage.
You can get a loan with a BK. Many lenders require it to be discharged for 2 years, however, there are still a few lenders that will lend on a BK only being discharged 1 day.
In a nutshell, yes you can, if all your other ducks are in a row.
Good luck
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Question by buad0118: What happens to a second mortgage when a home is purchased at a foreclosure auction?
I am going to bid on a house at foreclosure and it has a 1st mortgage of 0K and a second of K. The lender on the first two mortgages is Decision One Mortgage. The lender at foreclosure is Countrywide. Does this mean that if I buy this house at foreclosure that I will own additional money to the second mortgage or just the first mortgage and back taxes?
Best answer:
Answer by Karen R
If Countrywide is currently the 3rd mortgage and you buy it at their foreclosure sale you will be responsible for the 1st and 2nd mortages plus taxes.
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My second mortgage is 15 million. As far as I know, only the first $ 100,000 of net interest payments. This is correct, if so, is reasonable, I just left a trace where the deduction of interest (last year I only pay interest), 3?
I have two properthy. On one property I have two mortgage lender. If I were to forclose on my house, can the lender from a second mortgage put a lean on my current house?
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Clearly, the house has sufficient assets to take a second mortgage. No, I do not think that the second mortgage is a good idea, but in some cases, their benefits. I just want to know if you turn off the house, you can come up with the second mortgage loans, or you must wait a certain time?
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