mrfixit6549 asked:


I’m going to be putting my house on the market soon. Should I pay off the cards now or wait til I sell the house? I expect to make enough to pay off mortgage AND outstanding cards but would like to pay cards sooner.

Sarah J asked:


I am trying to compare these 3 loan offers. I think I have figured that in the long-term 30 yr life of the loan, the 80/15/5 loan will save us the most money. I want to see if we sell in appx. 8 yrs, which is the best choice for us. We do have access to the downpayment amount but also are considering putting it towards higher interest rate credit cards.

FHA:
$143,366 30 yr fixed at 6.125 (includes upfront MIP of 2118) – $871.11/mo plus appx $60/mo PMI
$3221.98 closing costs
$3252 downpayment
$4500 seller’s assistance

80/20:
$115600 30 yr fixed at 6.375 – $721.19/mo
$28,900 15 yr fixed at 8.375 (paying the extra per month to pay off the 2nd mortgage in 15 yrs) – $282.48/mo
$2965 closing costs
$0 downpayment
$4500 seller’s assistance

80/15/5:
$115600 30 yr fixed at 6.000 – $693.08/mo
$21675 15 yr fixed at 9.25 (paying the extra per month to pay off the 2nd mortgage in 15 yrs) – $223.08/mo
$2816 closing costs
$7225 downpayment
$4500 seller’s assistance

waddle02 asked:


Say the 2nd mortgage is substantially less than the value of the house. Let’s say the value of the house is at $300k, and the first mortgage (the one on the house) has $40K left. You take out a home equity of $20k. What happens if you default on the home equity, since they can not foreclose on your house since the value is much higher than the borrowed amount.

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Cookie On My Mind asked:


We just closed on our townhome this past Friday. We ended up with less money than we had hoped for because the closing costs were so high. We’re due to close on our new single family home August 10th and those closing costs are going to be higher than we planned for too! Anyway, we’re going to be about $4,000 short on closing costs for the new house. Is it better to roll it in to the mortgage or get a 2nd mortgage on top of the first? Not sure how this works. Thanks.

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pez_05 asked:


I am selling my home by owner & willing to carry the 2nd mortgage for the buyer for 2 years. What do I need (e.g. forms) to get this process started, Can title do all the paperwork, what interest is the norm to charge, closing costs, etc. Please provide details. Thanks.

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jafco13 asked:


My friend currently has an ARM mortgage and is in bankruptcy. She needs to know if there is anyway for her to get a second mortgage or to refinance the mortgage she has right now while going through bankruptcy. I told her I didn’t believe she would be able until after the bankruptcy but I would check around anyway. Thanks in advance all.

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Mike asked:


I am currently thinking of selling a property and the purchaser wants me to hold a 2nd mortgage. What are my rights if foreclosure was to happen? Can I buy out the mortgage from the first holder? If I can’t I will most likely lose my mortgage?
I don’t think it will happen but I need to know before I decide. Any help would be appreciated.

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insurancelawcase asked:


How to settle 2nd mortgage for less than full balance *IF* deed-in-lieu is approved already?
I was never late but applied for Deed in lieu with Countrywide. Now they approved the DIL but now I want to keep the property but settle the 2nd mortgage?
How is it possible?

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AndiG1 asked:


Have a $9500 second loan on house and would like to buy another. Need to sell the first one and getting rid of 2nd mortgage could make a big difference in it selling quickly. Any advice other than renting first home?

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Michele K asked:


I’m trying to look at all options here…my 1st mortgage is at 160K and my 2nd is at 40K. With the market, currently it is worth around $190, so I can’t refi them into one fixed loan. They are going to adjust in January 2010 and I’m trying to get this sorted out before the rates go up. Is it possible for me to refi the 160K loan to a fixed rate and leave the 40K loan where it is?

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