Home Equity Loans Second Mortgages Information
Top Questions and Answers
Public Records Reading- Mortgages, Do home equity loans show or just reverse and second mortgages? I read public records when doing RE research so I'm wondering. I guess that only second and reverse mortgages show. And why would someone choose a second mortgage vs home equity loan?
Are we saying that a home equity loan automatically shows as a lien?
viola f replied: "all mortgages and liens against a property are available if you go to the court house and research the property. and usually people take second mortgages when they already have a first mortgage and a home equity loan is really a second mortgage ."
Jeromy W replied: "Second mortgage or home equities do show, when recorded and this is the issue. I used to work for a title company for a major lender and issues do arise. Some lenders send the home equity to be recorded themselves, lenders don't know all the variables that go into a recording, they miscaculate fees, don't know about cover pages, maybe there's a dual tax id and it costs more, some states only accept single sided mortgages. Maybe the county rejects the mortgage as the font is too small, the notary stamp bled through the paper, or there is no stamp or seal at all. If it's rejected, the county sends it back to the lender, who most times thinks the mortgage is recorded until the borrower goes to refinance and the he is not on record so it takes them 6-8 weeks to go to their vault where they hold everything to either figure out the mortgage was not recorded or they don't have it at all.
I don't know why people like home equities, for some it's a status thing.....I have a 500k home equity.....some need money quick and dont understand the full economic process and think home equities are a good deal because the rate is low. Like any other mortgage product, home equities have their usefullness, but it's not for everyone or every situation"
FRANK R replied: "All recorded mortgages are public record. I served as Recorder of Deeds.
A second mortgage is any loan that is in a second lien position. But, a second mortgage generally refers to a loan that had a given principal paid at settlement, with specific monthly payment to repay.
A home equity line of credit has a max amount that can be used, but that does not mean any money had to be draw at settlement. Interest only is paid, with charges made only to the amount of principal drawn. Payments can vary."
home equity loans/second mortgage and foreclosure? Does anyone know the actual laws about this? If you lose your home to foreclosure, and you have a home equity loan, I mean obviously you should still continue to pay. But I've gotten mixed opinions on this and just wondering... are you completely and legally still obligated to pay that off or since they have lost their security can you safely/legally just let it go? This is not in my nature but well we're about to lose our home, and money is insanely tight (that loan was to do work on the house we're losing) so as HORRIBLE as it sounds I'm wondering if we have an option to let that go with the home so we can start to build up an emergency savings account (as we have 0 in savings right now.)
no we have no options, we are way too far behind, and we do not have the means to pay for a mortgage and rent in another place (we're Military) our only luck would be it selling, but well clearly that isn't happening. we accepted a long time ago that this could happen I just want to know about that other loan.
yep but we can't pay back money we don't have. we do have it listed for sale, it has been for almost a year! We've lowered the asking price drastically. All I want to know is what happens leagally if we decide to let the second loan go with the foreclosure? I haven't decided 100% if we'd do that but I just w
yep but we can't pay back money we don't have. we do have it listed for sale, it has been for almost a year! We've lowered the asking price drastically. All I want to know is what happens leagally if we decide to let the second loan go with the foreclosure? I haven't decided 100% if we'd do that but I just want to know what our options are and what our obligations would be legally. re: taxes, laws, anything.
Is a home equity loan and a second mortgage the same thing? If not, can someone explain how a second mortgage works in laymans terms? Can I take out a second mortgage if I haven't had my house that long?
Robert H replied: "These are not necessarily the same thing. Normally, a Home equity line is secured by a second mortgage because the person who is getting the loan already has a traditional first mortgage on their house. However, they are two different things.
A Home Equity Line of Credit is a revolving line allowing you to borrow up to a maximum amount whenever you request a draw and it is secured by a mortgage on your residence.
A second mortgage just refers to the position that the mortgage is in. If there are no other liens on your house than it is a first mortgage, if it is filed second, then it is a second mortgage, and so on.
A Home equity line can be secured by a first, second, third, or more mortgage."
Homer J. Simpson replied: "they are the same thing. the second mortgage works the exact same way that your first mortgage works- with one exception described below. as long as you have enough equity in the property and meet all other underwriting standards (i.e. credit, income, debt ratios, etc), you can get one.
The exception is called a home equity line of credit (HELOC). This works just like a credit card or other revolving line of credit, but is secured by your home. The HELOC lets you borrow any amount up to the max whenever you want and then pay it back in installments or all at once, and then borrow again."
Home Equity Loan / Second Mortgage? Anyone have a good link to learn more about them?
Im looking for a second mortgage or home equity loan inRI? I have discretionary credit
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Can you get a home equity loan even if you already got a second mortgage? My credit is not good right now because I have a lot of medical bills that I have to pay off along with some other debts. But I do have a lot of equity in my home. I need to know how can i get my equity to work for me.
Cribber replied: "If you have enough equity to cover the second mortgage and still have equity left over then maybe. But in the current market it is going to be mighty tough"
BLCOHEN529 replied: "The simple answeer is that with a second mortgage, you may still be eligible to find a bank or financing company that will issue a home equity loan.
On the larger issue, I would not recommend your jeopardizing your home to pay either medical bills or other debts.
A better course is to contact you creditors, by yourself, financial advisor or credit counseling center and renegotiate your indebtedness.
Your equity works best for you when it is sitting undisturbed unless mined for investment in a positive cash flowing opportunity. Otherwise it is like giving up your life savings.
Be wise. Good Luck"
joe.attaboy replied: "If your debt-to-income ration is positive and your credit score is high, you should be able to get the loan. However, lenders will be wary about anyone who appears to be overextended, especially in the current banking and mortgage environment.
One thing you might want to investigate is talking directly with the medical creditors and ask them to work with you on extending the time to pay off your debt. They're not in the finance business, and they would rather eventually get their money than hand your debt off to a collector. Communicating with them is the key. I've been there."
src50 replied: "You already have a second mortgage and you want to take out a THIRD? If you do in fact have "a lot of equity" in the home, you'd be better off refinancing your existing loans into a new fixed rate mortgage."
Big daddy replied: "a home equity is this case would be a 3rd mortgage, you might have gotten away with it 2 years ago, but not now. Even so, I would highly advise not using a home equity. The one answer did have a point, I would try to work with the creditors first, but if these bills have moved to collections, you may be in a tough spot as your credit may be detoriating because of them. I would list all the medical bills you have and call each one to see if your in collections and how they are reporting you. If you can work with them I would, but if they're not willing to work with you, I would see a mortgage professional quickly to put everything into one loan so that those bills don't get out of hand, good luck"
Charles97 replied: "If you have enough equity to cover the second mortgage and still have equity left over . If you interesting in applying for loan. Try this website.
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Cash-Out Refinance or Second Mortgage? If Second Mortgage...home equity loan or HELOC? My 2-family home is valued at 375K. I have 12 years and 88K on it left. My current loan is at a 4.9 interest rate. I need to borrow 220K and need it in lump sum. With todays rates being around 6.5 for a 30 year, I know refinancing is out of the question. Which would be better for me, a HEL or a HELOC? What would my payments be for 30 years, 15 years? Thanks
regerugged replied: "Monthly payment for 220,000 at 6.5 for 15 years is $1,916.50
for 30 years it is $1,391.00.
I have a HELOC. At my bank it is 1 point higer than a HEC for 15 years."
goz1111 replied: "look the best interest rate you will get is a fixed rate at 30 year if you can not afford this rate, you will get crushed with a home equity or other second note, they are variable and rates are not coming down but going up, after the teaser rate period is over you are going to get whacked almost double the payment, so when looking at a home equity read the fine print, see how long the teaser rate last and figure what ever your payment is double it once the teaser period is over"
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