Second mortgages can be discharged only in a Chapter 13 and only if there is no equity in the real estate for the loan to attach to.
Quicken Loans has an excellent section on how to obtain a loan or mortgage after filing bankruptcy. Most debt consolidation centers and bankruptcy attorneys will have information or references for those seeking information on applying for a post-bankruptcy loan or mortgage.
One can learn about their options for getting a mortgage loan after declaring bankruptcy by visiting the websites of businesses that offer mortgages. Generally, one cannot obtain any kind of mortgage for at least two years after declaring bankruptcy, but some companies may make an exception.
There are many companies that offer 2nd mortgage refinance loans. These include Bank of America, Chase, Wells Fargo, as well as independent mortgage brokers.
No, they are two separate loans. If the second mortgage is foreclosed the lender takes possession of the property subject to the first mortgage. The borrower no longer owns the property.
Mortgage notes are considered a company asset and are transferred or sold to other servicing lenders. Most mortgage companies only service loans for investors "fannie mae, Freddie Mac, etc."
Quicken Loans has an excellent section on how to obtain a loan or mortgage after filing bankruptcy. Most debt consolidation centers and bankruptcy attorneys will have information or references for those seeking information on applying for a post-bankruptcy loan or mortgage.
One can learn about their options for getting a mortgage loan after declaring bankruptcy by visiting the websites of businesses that offer mortgages. Generally, one cannot obtain any kind of mortgage for at least two years after declaring bankruptcy, but some companies may make an exception.
Some of the benefits of a second mortgage loan is that it allows one to borrow large sums of money based on the equity that one has built up on their home. Second mortgage loans are often used for debt consolidation and home improvements.
the main risk is that the first mortgage will not be paid. if the first mortgage is not paid, goes into default, and is foreclosed, the second mortgage will be determined in the foreclosure sale.
There are many companies that offer 2nd mortgage refinance loans. These include Bank of America, Chase, Wells Fargo, as well as independent mortgage brokers.
No, they are two separate loans. If the second mortgage is foreclosed the lender takes possession of the property subject to the first mortgage. The borrower no longer owns the property.
Mortgage notes are considered a company asset and are transferred or sold to other servicing lenders. Most mortgage companies only service loans for investors "fannie mae, Freddie Mac, etc."
Mortgage loans and home equity loans are two different types of loans you can take out on your home. A first mortgage is the original loan that you take out to purchase your home. Second mortgage means cover a part of buying of your home or to cash out some of the equity of your home. It is important to understand the differences between a mortgage and a home equity loan before you decide which loan you should use. Both types of loans have the same tax benefit since you can deduct the interest on each.
Sure... a good time to do it.
Generally, yes. They are no different than second mortgage loans.
There are two major options for 2nd mortgage loans. The first is a Home Equity Loan, which is the traditional second mortgage and involves getting a fixed sum of money. The second option is a Home Equity Line of Credit and instead of a fixed sum of money, you get a credit line with a fixed limit.
Lending Tree and Quicken loans are two good places to start when doing a comparison of the interest rates on a second mortgage. Mortgage Calculator is also an interesting place to search.