Reverse Mortgage

Batfish asked: i am purchasing the property, the bank will have 1st position and the seller has agreed to take back a note 2nd position. i am wondering if having a second mortgage will reduce my chances of closing the first mortgage? i want to be clear, i plan to inform the bank and i [...]

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 [...]

Simon W asked: So that your second payment will be based on a 30 year fixed rate rather than a refi. Will it be a smart thing to do. When you sell out you can pay the second mortgage with the first and still walk with remainder of equity. Is this legal and does it [...]

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?Content for WordPress

Ivan V asked: My second mortgage is $150k. I understand that one can only deduct the interest paid on the first $100k. Is this correct, and if so, would it be reasonable for me to just leave off 1/3 of the interest, when making the deduction (for last year I made interest only payments)?Content

cookingmomma asked: 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?Content – Members-Only Content for WordPress

Brett C asked: I already have a first morgage and that interest was deducted, but can I deduct the interest from a second mortgage also?Content

realchineseprincess asked: if husband and wife own the house together, can one of them(without the other knows) borrow $ from bank to get equaty or seond mortgage on that house? what happens if the second mortgage couldn’t be meet and be forceclosure? Will the other perosn resposible for the laon he/she even not knowing? the [...]

m.p. asked: that also had a second mortgage on it. The new lender had the second mortgage holder sign a document stating that they would remain in second position. So the second mortgage holder was waiving their right to move into first position. What document is this?Content for WordPress

serhadenette asked: Our first mortgage is 225,000 and the second is 133,000 from a private lender. But the house is worth 180,000. What will happen when we do the bankruptcy? Wouldn’t a portion of our mortgage be considered unsecured?Website content