second mortgage: “Home Fully Mortgaged and $85,000 in Credit Card Debt”
- 02/13/14 11:07 PM
“Home Fully Mortgaged and $85,000 in Credit Card Debt” When someone is in this kind of situation when they are in their 20’s-30’s-40’s sure that is tough enough, but how about when you’re in your 70’s? These folks sat with me to discuss refinancing, combining their first and second mortgage. I could have been done, but there wasn’t enough monthly savings; they said any savings will help. After going through the math every which way I could think of, I only saw one solution that made any sense to me. I asked them the following questions, if you … (31 comments)
Every time I think I’ve heard it all, I am mistaken. For the last couple of years, this couple has attempted to refinance their mortgage. They have a high interest rate first mortgage, originally a subprime loan and a second mortgage that they haven’t made payments on for a few years.
The second mortgage was held by a family friend and there was no pressure to make the payments. As luck would have it, they won $29,000 playing the slots at Foxwoods Casino and they decided … (21 comments)
I’m sure all of us are sick and tired of reading about these cases. There sure have been a lot of them in the states I do mortgages.
I wish I understood what makes people think they won’t get caught. Is it that people that are desperate will do desperate things? Is it about the thrill? Is it about the money?
I was involved in a fraud case in the late 80’s, even though I was one of the victims, it was a freighting experience. I will give you the reader’s … (6 comments)
second mortgage: SHORT SALES GET A BOOST
- 06/04/12 03:07 AM
“Short Sales Get a Boost” Second mortgage holders have always been a problem, when it comes to getting a short sale approved and understandably so. They can now get up to $8,500. The treasury increased the amount that the second mortgage holder can receive by $2,500. This is welcome news to the real estate community. Maybe now some of the short sales that have been held up can now get completed. Hopefully, this will speed up the process as well! Treasury Change on Second Lien Release Could Boost Short Sales By: Brian Collins The Treasury Department’s decision to raise the amount … (6 comments)
second mortgage: WHAT DOES IT MEAN WHEN NON-PERFORMING 2ND MORTGAGES GET SOLD?
- 03/08/12 01:19 AM
“What Does it Mean When Non-Performing 2nd Mortgages Get Sold?” It means, that the buyer/investors will contact the homeowners to see if they can work out a modification or some kind of payment plan for the existing debt. Understandable, as the obligation is owed. Here is the problem, most or all of these 2nd mortgage are behind a first mortgage that is either in default or the value of the property is really upside down, value vs. debt. Now on top of the these 1st mortgage there are 2nd mortgage that are all in default. If these new 2nd mortgage holders, … (2 comments)
“Home Fully Mortgaged and $85,000 in Credit Card Debt” When someone is in this kind of situation when they are in their 20’s-30’s-40’s sure that is tough enough, but how about when you’re in your 70’s? These folks sat with me to discuss refinancing, combining their first and second mortgage. I could have been done, but there wasn’t enough monthly savings; they said any savings will help. After going through the math every which way I could think of, I only saw one solution that made any sense to me. I asked them the following questions, if you … (31 comments)
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