1st mortgage current and 2nd mortgage is foreclosing, can payoff both?
477715
If your second mortgage is in foreclosure then there would be a lis pendens filed against your property, which prohibits the sale until the mortgage is either brought current or the property is foreclosed upon. You will have to call the company that you have your second with to find out for sure.
1032606
if you can find a lender\nthe problem is you already have a lien on your property from first mortgage \nand in case of foreclosure the first mortgage holder  could sell for what is owing and the other company would get nothing as they are the second lien holder
258877
Sure.  The last time I did a second mortgage on my home I closed with a title officer at my kitchen table.
1063362
Howdy. I live in Texas and have had a few real estate dealings. It sounds to me like you don't have much of a case. If you signed the FMV form, that's all that necessary, since the lender usually fills the thing out and submits it to you for approval. The lender's signing is an implied agreement, given that they provided the value figures on the form. Remember, lots of things in the Texas Constitution have been amended by legal precedence over the years, without those cases being included IN the Constitution.\n\nEven if you have a leg to stand on with no actual second signature, I would bet that a judge would side with the lender in your case, simply due to that old standard legal mumbojumbo that says "this is what is commonly accepted as proper legal practice".\n\nYou might also want to check with your original lien holder to see if they have any input on the lender who holds your second lien. Sometimes, these home equity folks tend to be a little shady in the way they do things. If you call them on it, they may back down from foreclosure or give you some alternatives to losing your house.\n\nGood luck, whatever you decide to do.\n\nFiveStarAuthor@aol.com\n\n(I've edited several books on real estate, so I actually do know something about this subject, though I'm hardly an expert.)
1074723
You can swap houses but  unless both houses have assumable mortgages, you will have to get a new mortgage and pay closing costs for a new mortgage. You will not be able to keep you current mortgage. \n\nI would say the odds of all of this working out are very slim and the hassle may be more than selling your house and buying another.
556857
so you have your own mortgage company?  I can probably help you steamline your process email me at taustin288@gmail.com and we can probably work out something
972555
The mortgage is in both names and the mortgage holder expects to be paid.  If your boyfriend can't make the payment, the mortgage holder will come looking for you.  If between the two of you, the payment is not met then the mh will foreclose.  The same with taxes.  One or both of you pay or the city will seize the house for back taxes which will also initiate foreclosure.  Either way, you both lose the house.\n\nTo get your name off the deed and away from both the taxes and the mortgage, you will have to sell your half to your ex.  You say he probably can't swing that deal, so if you can't or don't want to buy him out, then the options are to either sell, or rent it out with half the profit coming to you and the other half going to him.\n\nGood luck, but move fast before this screws up your credit rating.
372413
Talk to an attorney or legal aid immediately.  The faster you take steps, the better success you'll have.  Banks don't really want to foreclose, it's a lot of work for them, so often they're willing to work with you.\n\nGood luck.
396013
There are a number of questions that would have to be answered before anyone could really give you advice on this.\n\nAre you definitely moving in 2 years?  When you move, will you sell the condo or rent it out.  Do you have a systematic savings plan right now?  Is your interest rate you're paying now fixed or variable?\n\nIf you are currently saving toward a down payment and are sure you'll have enough when the time comes to move, then it's fine to pay extra toward your 2nd mortgage.  Also, if your moving in 2 years is uncertain, then I would think about paying extra against the mortgage. \n\nHowever, if you are not currently saving toward a down payment, or if you are but you're not sure if you'll have enough, then I would contribute toward that savings instead of extra against the mortgage.  You want to make sure you have saved enough because you have no idea what the real estate market or interest rates will be like in 2 years.  The condo market may crash again like it did in the 80's.  It's always better to have the cash set aside.  It gives you more options down the road.
1132441
There are a couple of trains of thought here.\n\nYou did not state your age so it is sort of difficult to say with certainly how to solve or answer question.\n\nIf you are not close to retirement and not worried about being on a fixed income and worried about making your current mortgage payment, then this is my suggestion.\n\nKeep your current mortgage as it is, it is mostly a tax write off with your interest.\n\nPurchase additional income properties either with a guy that need money to find fix-up and repair distress properties and place them back on the market for  sale.  This is a good way for you to earn money without doing a lot of the work yourself.  Make sure this person has  experience, so have him show you some of his work he has done in the last 2-3 months. Find out his volume, investment amount needed per deal and the return you can expect for your investment.\n\nThe other way is for you to find distress properties, foreclosures, For sale by owners, fix them and put them back on the market for sale. If you decide to go this route for every 3 houses you come across I would keep 1 for a rental property and income tax write off. If you are doing an average of 3 per month that would give you 12 properties at the end of your 12 month cycle. You should conservatively be earning approximately $10,000- $20,000 per month easily. \n\nAnother way is just to purchase property for rental through bank REO that are already for move in. At this rate it would take a lot longer to accumulate.\n\nYou can lend your money out to others using their homes as collatral for 2nd trust deed investment. 2nd trust deeds are averaging about 10-12% annual. They are normally interest only with a call date of 5 years or less.\n\nI hope this has been of some use to you, good luck.\n\n"FIGHT ON"
192229
the easiest way to do that is to add in some cash and refinance as 1 mortgage.  Whoever gave you the 2nd loan did something that really didnt help you out at all.
427249
First follow GA Realtor's advice and cancel PMI, this will lower your monthly mortgage payment.  If you're looking to re-invest the money you can make a 2nd mortgage in your home and use the cash to buy another property and rent it out, be sure to have enough cash flow to pay the mortgage on the 2 properties while you find a renter. You can also use that equity to repair or expand your actual house. But try not to use it to pay off credit card debt or other debts that you are having No problem paying since a 2nd mortgage is a long term commitment, much longer.
510658
Raise the purchase price of the house by 15%. Write up the sales contract for the asking price plus the 15%, then in the purchase contact indicate that the seller will be doing a 15% second mortgage, you will have to include terms and monthly payment and supply that info to your bank because he will include the new payment in your monthly debt ratio (DTI). After close you have the seller hand you a satisfaction of lien document. You take that down to the court house in the county where you live and remove the second lien on the property. So how this works is the following:\n\nAppraisal = $120,000\nAsking price = $100,000\n15% of asking price = $15,000\nNew Purchase Price = $115,000\nBank loan (85% of purchase price) = $97,750\nseller second = $17,250\n\nYou can move the purchase price around if needed, you may want to also consider raising the purchase price enough to have the seller pay the closing costs as well! \n\nGood luck...
283669
If you are definately going to be selling off the house in two years, then just paying the interest is a smart thing to do.  What will happen is that when the house sells, both mortgages will be paid off and you will have the balance to invest in a new home.  The only way you could get in trouble is if your plans change for whatever reason or you are unable to sell your home for it's full value.  Just make sure you are not just spending away what you would have been using to pay down the mortgage and it is being saved or invested.  A number of people get caught in that "spend everything" trap.
1128621
When a property gets foreclosed on, and it's the first lien holder that is doing the foreclosing, then the second and third and fourth (etc.) will get wiped out at the foreclosure auction. What an investor will do is to buy/tie up the property from the defaulting owner and see if he can discount the first and second. The second will most likely agree to a small amount (usually 7-10 percent) because they will lose everything once the property gets foreclosed on. The first will usually accept a 20 percent hit.\n\nNow what you quoted is that the second note holder was stating that he will own the property by buying it from the person in default and take over the first position's loan payments and make it current. Therefore, he is not interested in selling his note to the investors. The investors in that example were idiots for not controling the property first or the owner didn't want to sell. The investors were hoping to buy the second note at a discount and bid at the auction and own the property with at least 15 k equity plus whatever the homeowner had in equity.  \n\nYou can buy any note by approaching the lending institution that holds the note and making an offer to buy it. You will need cash to do so.\n\nAlso, to clear up the quoted reference, you can purchase property "subject to" existing liens/loans. Taking property "subject to" means that you will take over the payments, but the old owner is still responsible for the loan(s). So if you stop paying the mortgage/trust deed, the lending institution will go after the old owner and start foreclosing on the property. Buying property "subject to" existing loans is one way where someone with no money and/or credit can get into a home and own it. The second note holder was buying the property from the defaulting owner using the "subject to" clause.\n\nI either confused you or helped you. Either way, I just saved you hundreds of dollars in late night real estate infomercials! ;)\n\nE-mail me if you have any questions.\n\nRegards
624645
It would be better to pay off the HELOC first. The more you pay towards the principle, the lower your minimum payment becomes.  If you continue paying the same amount (+ the $500) you will knock that down real fast.\n\nIf you pay extra on your fixed rate mortgage, your payment stays the same, just the balance goes down.\n\nIf your income changes and you need the extra cash flow, the HELOC payment has already gone down and if you need to get the cash back, you should be able to pull it back out of the HELOC.  You can't take it back out of the 1st mortgage.\n\nAlso the HELOC is a higher rate and may continue going up, so the sooner you eliminate that the better.\n\nGood luck,\n\nGreg
191373
What do you mean remortgage? Are you refinancing?\nLiving next door has nothing to do with it, it's a matter of credit.