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| My landlord came over the 30th, she started out by saying she was there to collect the rent, I told her we didn't have it which she already knew cuz my husband is not working due to an injury on ... |
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 Would you rent out your property to a teen? |
| I am 17 years old and nearly 18. when i am 18 i want to rent a one bed house in a nice estate for about £400-£500 pcm. I need it to be unfurnished and long-term. I just wandered if you as a ... |
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 A house that was on the market and has been on the market for 12 months.? |
Asking price is 179k - What would you offer having known its been up for sale for so long?
Additional Details
They have never reduced the price at all....... |
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| Given the current market do you believe that shaving 10% off the listed price is acceptable or do you think that they will laugh at me?... |
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 Can a rental office verify that I receive child support? |
| I am looking to move into a new apartment. I'm a single mother with two children, however, I only receive child support for one of them. All of the decent apartments are income restricted. W... |
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 Gift for Real Estate Agent? |
| I just bought my first home with the help and guidance of a great real estate agent. Because it was with a non- profit first time home owners company, he doesn't get a commission. Any ... |
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 Evicting a tenant PLEASE HELP!!!? |
we have a tenant renting on of our houses (my grandfather owns it, my mother and I manage his properties) and she has been nothing but trouble since the beginning.
First- she moved her ... |
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| I can afford payments but I have no money saved up. What would be my best bet? I am not selling a house, this will be my first house.... |
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| hey im 13 and i need money, dont say like mow lawns coz no 1 will were i live so plzz tell me some ... |
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 Landlord lets people view our flat without giving us any notice, what can we do? |
| I have a really rubbish landlord, there are loads of repairs which need doing but Ive given up trying to ask him to do all but the most essential ones, since I'm moving out on 1st July. 2 months ... |
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 If a bank makes a payment to you in error? |
| We had a lodger, and after he moved out, his bank still paid the next 2 months rent to us through the bacs system. We have now had a letter from his bank saying that they made the error, have repaid ... |
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 Does this sound like a good deal for a first apartment? |
| It's a studio $400 a month rent. I can either sign a 12 month lease of go month by month. The security deposit is $300, and gas electric and sewage are all included. Also there is indoor parking ... |
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 How Can I Make My House Appraise at a Very High Value? |
| Help! I must refinance my house, or I'm going into forclosure. The appraiser is coming soon and the house needs to appraise at a high figure. Is there anything I can do to (legally) coerce the ... |
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 Can my boyfriend and I afford a mortgage making a combined $62,000.00 a year? |
| My boyfriend and I are thinking about buying a condo in CT. We want a 2 bedroom condo but we are afraid that with the condos fees and property taxes we will not be able to afford it. My boyfriend ... |
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SadToday22 | Is putting 2 mortages on your house dangerous? How much can you get out of a 2nd mortgage? |
What if I plan on staying in my house for ever and ever? |
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zyberianwarrior
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very dangerous and totally unwise. I don't even like or approve of piggy back loans that was teh rage a few years ago now look at it. |
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victronia
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Well, it's a very personal decision. Every time you have a loan on your home it opens another opportunity to lose your home through default. Can you afford the payments? What do you want it for? Paying off credit card debt? Home improvements? How much equity do you have in the house? If you are anywhere CLOSE to being at zero equity after the loan, then you shouldn't do it no matter what. Even if you plan to stay in your house forever and ever....you have to analyze why you are taking the money out of your home... do you have a bad spending habit that you need to break? If so, (and it's pretty commonly the problem) then you need to break that habit or a few years down the road you'll be right back where you are now.. needing to borrow more money. Sometimes, even though you might get a tax break from the mortg interest, you're better off just paying off the original bills.... it'll help you stop spending unnecessarily. Besides, taking out loans will cost you plenty in fees...even the "no cost" loans just tack it onto the loan balance... |
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Ms.Social Worker
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When you consider a 2nd mortgage, or a junior, as it's called, mortgage on your property you need to be aware of the following:
1. If you are unable to make the 2nd mortgage payments, the lender will, without haste, place a lien on your property.
2. The lender will 'call' the mortgage due and payable immediately. Junior or 2nd mortgages 'do' foreclosure on the mortgage, which ultimately will cause a chain reaction: the first mortgage will also move to foreclose on your property.
3. The first mortgage lender will be notified immediately and will also issue a 'call' due and payable immediately notice to you as the mortgagor.
4. 2nd mortgages are extremely risky: Yes, you can consolidate a lot of debt or make large purchases at a lower interest rate, but, should you default, you will be in a very serious situation that required immediate 'remedy' to both lenders.
5. You should seriously consider the motivation behind securing a 2nd mortgage.
6. Due to the recent sub prime mortgage situation, I trust you will find less and less mortgage companies willing to do a 2nd home mortgage due to increasingly higher rates of default.
7. As an option to the 2nd, why not consider refinancing the first mortgage.
8. As a Broker, trust me, this should be the absolute last thing you do concerning your home. The dangers far outweigh the positives.
And, lastly, the only way to 'get out of a 2nd mortgage' is to pay it off. Otherwise, there is no other way. |
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Thin Kaboudit
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You should look VERY carefully at whatever personal behaviour patterns you follow that have put you in a place where you think you want/need a "second mortgage", which is basically just another loan typically secured against the value of your house that you have already paid off (or the difference between what you owe and what your house is now worth.)
Lenders like them because they have nothing to lose...they earn interest from you, and get to keep your house if you default!
Tread carefully... |
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Sunshine
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Be extremely careful about taking a second mortgage on your house. It's hard enough to make payments on the first mortgage, considering the other costs of living expense. Good luck. |
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Casey C
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have a mortgage professional or financial advisor determine if this is wise for your situation. For those of you that mentioned how horrible a 2nd mortgage is, you really haven't wrapped your minds around the possibilities this could potentially present to her if she took one out.
I'd be more than happy to prepare a total cost analysis for you if you'd like to be prequalified.
casey.x.casperson@chase.com or caseycasperson.com |
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James
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In some areas you have to do that since the primary lender won't loan more than 80% without charging mortgage insurance (PMI).
As long as you can afford the payments on both loans it's okay to do but your second loan will be at a higher interest rate. Make sure the numbers work. Write out a budget and see if it works (take 20% of the mortgages' values and add that to your income - you can claim deductions, since interest is tax deductible, which will 'raise' your monthly income). The IRS has some tax planning calculators on their website that are pretty helpful.
Do not sign up for adjustable interest (ARM) or interest-only loans since that's what's causing the headaches, not people with 2 mortgages.
I was planning on staying where I lived for a long time but moved 2-1/2 years later. Things happen. Stay flexible. |
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Sophiesmama
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A second mortgage on your home can be dangerous if you don't have a lot of equity or if you can't afford the payments, but if your lender is a reputable one, they will calculate how much they will lend you and make sure you can afford the payments. You can plan on staying in your house forever, but life happens and you lose your job and can't make the payments, then you could lose your home. Of course that could happen even if you only have a first mortgage on the house. |
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glenn
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You can borrow against anything. When you do you are incurring the charges and also possibly losing the item you are borrowing against. Every state has laws setting out the rules for how much you can borrow on a second lien, but it would be figured on how much equity you have in your home (how much is it currently worth minus how much you currently owe) and some states will not allow you to borrow more than a certain per cent of the equity or total value.
I want my home to be a safe and very secure place for a retreat from the world. I do not want any threat to that security.
Now every rule has an exception, but I would look very carefully at this and probably cut back on my spending or get a second job instead of borrowing a second on my home. |
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Dtrain1122
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Depends why you need, or worse just want to take out the second mortgage. Here is what you do. Treat the process like an investment, and remember nothing is for FREE! Especially in this industry. Write down what you want, new pool or upgrade to the house, and try to figure out how much you will get in return on an appraisal for your house. The second thing is to figure out what you Loan To Value (LTV) is going to be. This # is the amount of the 1st & 2nd mortgages, to the appraisal value of your house. Example a loan for 80,000 and Appraisal value at 100,000. Your LTV is at 80%. You do not want to exceed that 80%. The only way exceeding 80% could be benificial is if you are a first time home buyer. Other than that Keep that money open and your rates and payments will always be better. If you are below the 80% LTV and you feel you are going to make a sound investment for yourself then yes a second is not a bad way to go. But, if you have car payments, credit cards, and other loans, it may be in your best interest to actually just refinance your 1st. There is alot to think about and unfortunately with the market the way it is most loan officers are snakes! I know, I used to work with them. But there are some really good ones out there, and if you get to a good one they will guide you in the right direction and offer you a good solution perticular to your scenario. Don't just look for the BEST deal, Look for someone who is honest and discloses everything. That way there will be no surprises at closing. |
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